Browsing: Mortgage Types
A rate-and-term mortgage refinance swaps your loan for a better rate or shorter term. How it works, what it costs, and the break-even math to check first.
A cash-out mortgage turns home equity into spendable cash. Here’s how the numbers work, what it costs, and when a cash-out refinance beats the alternatives.
A purchase money mortgage funds a home purchase at closing, often from the seller. Here’s how it works, what it costs, and the balloon traps to watch.
A closed mortgage offers lower rates but locks you in with prepayment penalties. Here’s how the exit costs work and when closing is still the right move.
An open mortgage lets you pay off your home loan early without penalty, but you’ll pay a higher rate for the freedom. Here’s how to know if it’s worth it.
A practical guide to graduated equity mortgages: how they work, who offers them, and whether this shared-equity loan can help you buy a home with less cash upfront. Here’s what to know.
A shared equity mortgage splits your home’s cost with a government scheme or private investor. Here’s how the numbers work and the risks to check first.
A wraparound mortgage lets a seller finance your home while keeping their original loan in place. Here’s how the math works, who benefits, and the risks to watch.
An assumable mortgage lets a buyer take over the seller’s low interest rate. Discover which loans qualify, what it costs, and how to find one.
Seller financing mortgage explained: how owner financing works, balloon payments, due-on-sale clauses, risks, and real-world scenarios for buyers and sellers.