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4 Type of mortgage loans to consider

3/5/2014

Not all mortgage loans are created equal. Not all loan agreements will fit into you financial situation. here are four mortgage types to consider:

Construction permanent lending are ideal for builders needing custom homes. This allows the buyer to select the options that are best suited to his/her situation.

Purchase loans - these loans are geared towards keeping down payment low. They include VA, FHA and Rural development financing.

Refinance loans - homeowners wishing to lower interest rate payments can refinance to get a lower interest rate. 30 year mortgage rates are around 4.30%. If, for instance, you purchased a home at 7% you could refinance and reduce the interest payments on the loan.

Renovation loan - FHA Renovation loan is an excellent source of finance to renovate your home. Another option for renovation is a Home Equity Line of Credit HELOC

Check with your realtor before making a decision on any home mortgage.

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