What is it? Over the years, mortgage lenders have devised a variety of home loan products designed to appeal to homebuyers. The interest-only mortgage allows a buyer to purchase a home and pay only the interest, leaving the principal untouched for a fixed period of time.
Balloon mortgages offer lower rates over a period of time before the loan balance comes due. Assumable mortgages can be transferred from a homeowner to a buyer, alleviating the need for a new mortgage to clinch a sale.
Find out more about other types of mortgages.