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Types of Mortgage Loans
By: Mark Hairston
Central Texas Mortgage Corporation
a mortgage broker in Austin, Texas
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Learn About Types of Mortgage Loans
Watch this video of ASC's Ellie Evans talk with Mark Hairston of Central Texas Mortgage Corportation, about tips and advice for those looking for a mortgage in Austin. Then, read on to learn more about mortgage loans.
Commercial banks have many types of financial products for business clients, but rarely specialize in the consumer market. On the other hand, Mortgage Brokers specialize in residential mortgage loans.
When you shop for a home loan, make sure that you’re aware of ALL of your options and not just provided by that particular Lender. Keep in mind that your loan should be integrated into you overall financial plan – which should take into account your short and long term goals, cash flow, equity positioning, and debt reduction.
There are literally dozens of types of loans that maybe avaible to you. A few examples would be:
Conventional conforming
FHA/VA
Jumbo
ARMs (Adjustable rates)
Pay Option Loans
Piggyback (no mortgage insurance)
DPA (down payment assistance)
MCC (mortgage credit certificate)
Interest only
Neighborhood Gold
100% (no down payment)
Alt “A”
Sub prime
Construction Loans
Tip! Make sure that your lender is experienced and well versed in All the products that you may qualify for. And like a doctor, if you’re “not clear”, be sure to get a 2nd opinion. Remember, the right loan could literally save you thousands of dollars!
Finally, it seems today there are more “fly-by-night” mortgage companies than ever before. This is especially true of Internet Lenders. The internet is a great place for research, but you will have very little recourse if things go bad with an out of state lender.
But regardless if you choose a Mortgage Broker. Mortgage Banker, Commercial Bank, Credit Union or the internet- make sure that they are qualified as Certified Mortgage Planners (and not just Loan Officers). It’s an accredited course designed for Mortgage planning & specialization. (See certificate attached).
