Mortgage Types
Types of Loans Typically Available in Florida
Fixed-Rate Mortgage Loans
These loans have a fixed amount of interest for the entire length of the loan. All payments on the loan will be equal. These loans usually have 15 and 30 year terms.
Construction-to-Permanent Mortgage Loans
These are great loans when building a new home. You pay interest only during the construction of the home, then the loan changes over to a Fixed or Adjustable rate loan in the end. You only pay closing costs once!
Adjustable-Rate Mortgage Loans
These typically offer a teaser fixed rate for 3-10 years, then change to a purely adjustable rate later that fluctuates with the mortgage market.
No Income Mortgage Loans
These loans do not require proof of income.
Lot Loans
Special Loans for vacant land
Interest Only Mortgage Loans
These loans have interest only payment so the principle stays the same. The loans usually have a balloon payment of the entire principle amount at the end.
Stated Income - Reduced Documentation Loans
These loans are for those that choose not to disclose their income, or desire less paperwork. If you have any questions about which type of loan would be best for you and your situation, just give us a call or fill out this contact form.
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Mortgage Types