Other types of mortgages8 of 10What 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. Related Articles:Fixed-rate mortgagesAdjustable-rate mortgagesOther types of mortgagesARM or fixed-rate mortgage?Related Links:How much house can you buy?Which lender is right for you?Private mortgage insurance10 questions to ask your lender advertisement
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.
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