Fixed Rate Mortgage
To get started, here are a few common terms when it comes to fixed-rate mortgages:
- First Mortgage - Typically taken out to purchase your primary home.
- Second Mortgage - Another loan taken out on current home with the equity in the home and takes a backseat to the first mortgage.
- FHA Loans - Low down payment options that typically require mortgage insurance.
- VA Loans - Financing for eligible service members with low or no down payment. VA loans do require monthly mortgage insurance.
- Refinancing - Consider refinancing if you want to:
- Lower your monthly payment
- Reduce your interest rate
- Expedite mortgage payoff
- Convert to a fixed-rate mortgage
- Pay for a major purchase or expense