Types of homes and how they affect your mortgage Different types of homes qualify for different mortgage loans and rates The main types of homes you can buy are: single family residence; manufactured home; condominium;
What Are The Major Types of Mortgage Loans? - Bankrate There are five main kinds of mortgages, each with its own benefits and features 1 Conventional loans, the most popular type of mortgage, come in two flavors: conforming and non-conforming
6 Common Types of Home Loans - Zillow Let’s look briefly at the main types of mortgages: 1 Conventional loans Any loan that's not backed by the federal government is called a conventional loan They’re widely available among lenders, and typically cost less than the most popular government-backed loan
10 Types of Mortgage Loans to Know About | LendingTree As you shop for a home loan, it can be overwhelming to choose a mortgage that provides you the best value, is within your reach and serves your long-term homeownership needs Below, we summarize the key features of 10 types of mortgage loans to help you find your best fit 1 Conventional loans
A Guide to the Different Mortgage Types - SmartAsset Mortgages come in two main types: fixed-rate and adjustable-rate Fixed-rate mortgages maintain one interest rate and, thus, one payment amount for the loan’s entire life These loans typically come with either a 15-year term or a 30-year term However, some lenders allow their borrowers to negotiate a term between 8 to 30 years
Different Types of Mortgage Loans - Mortgage Calculator When the homeowner approaches the lender and they begin the process of filling out the mortgage loan application, it is a very good idea to know what types of mortgages are available and the advantages and disadvantages for each of them
Different Types Of Mortgages - PenFed Credit Union What are the different types of mortgages? There are two main categories of mortgages: Conventional loans are either conforming or non-conforming loans The difference between the two types is the amount you can borrow For 2025, most of the continental U S has a conforming limit of $806,500 for one-unit properties
Types of Mortgage Loans: An A-to-Z Glossary for Home Buyers There are two main types The "standalone" version only covers the cost of construction, after which the borrower obtains a more permanent loan The "construction-to-permanent" version finances both the construction phase and the permanent financing of the home It converts into a traditional mortgage once the construction is finished