Chicago Types of Mortgages

There are many different types of mortgage loans, but I will list for you the most common ones available.

Click on the links for more detailed information about the different types of loans. By familiarizing yourself with the different types of loans you will have a better idea which type of mortgage loan is best for you.

Conventional Loans: These loans are not insured or guaranteed by the federal government.

Government loans: These types of loans consist of VA (for veterans) and FHA (first time home buyer, troubled credit, little or no money down) Loans

Fixed rate mortgage Loan (FRM): Interest rate and monthly mortgage payments remain the same for the duration of the loan.

Adjustable rate mortgages (ARM): Interest rate and monthly mortgage payments fluctuate over the period of the loan.

Balloon Loans: A short-term fixed-rate loan with low payments for a set number of years and one large final balloon payment of the remainder of the principal.

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