Bruised Credit
Previously unforgiving lenders now have the latitude to lend to borrowers with challenged credit.
Fixed Rate
A conventional fixed-rate mortgage offers you a set rate and payments that do not change throughout the life or "term", of the loan. A conventional loan is fully paid off over a given number of years, usually 15, 20 or 30.
Adjustable Rate Loans (ARM's)
An "ARM", or "Adjustable Rate Mortgage" has a fluctuating interest rate and the potential for changing payment amounts. In most ARM mortgages, the interest rate on a loan is fixed for a certain number of years and then allowed to fluctuate in sync with current economic factors.
Reverse Mortgages
A Reverse Mortgage is a special type of home equity loan that allows seniors to convert some of the equity in their homes into cash while still retaining home ownership.
FHA
Government assisted loans may ease first-time buying with low down payments, easy qualifying rules and acceptance of closing costs from a gift.
