Loan programs | Osprey Mortgage Lending
Which mortgage is right for you? There are several other kinds of home loans available to you, and you can pay to familiarize yourself with them. Luckily we’re here to help you choose the best type of home loan for your needs.
Mortgage Rate Options 1) Fixed Rate: A fixed interest rate is an unchanging rate charged on a liability, such as a loan or a mortgage. It might apply during the entire term of the loan or for just part of the term, but it remains the same throughout a set period. 2) Adjustable ARM: Adjustable-rate mortgages include interest payments that shift during the loan’s term, depending on current market conditions. 3) Interest Only: An interest-only mortgage is a type of mortgage in which the mortgagor (the borrower) is required to pay only the interest on the loan for a certain period. The principal is repaid either in a lump sum at a specified date or in subsequent payments.
4) Graduated Payments: Graduated payments are compensation terms applying incremental boosts in the payments on a closed-end obligation. 5) FHA Home Loan: FHA home loans are mortgages that are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment. 6) VA Loans: A VA loan is a mortgage loan available through the U.S. Department of Veterans Affairs for service members, veterans, and their surviving spouses. 7) USDA Loans: If you're looking to buy a home in a rural or suburban area with no down payment and minimal investment, you might consider the USDA Rural Development Loan. 8) Jumbo Loans: A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan.
Information source:
www.ospreymortgagelending.com