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Financing | Hutch & Howard - Your Real Estate Experts - Blog

Tuesday, December 19, 2023   /   by Meghan McDowell

Common Types of Mortgages - What Do They Mean?

There are several types of real estate mortgages in the United States, each designed to meet the specific needs of borrowers.


Fixed-Rate Mortgage (FRM):
The interest rate remains constant throughout the loan term.
Monthly payments remain the same, providing predictability for budgeting.


Adjustable-Rate Mortgage (ARM):
The interest rate is variable and can change periodically based on market conditions.
Typically, there is an initial fixed-rate period followed by adjustments.


FHA Loans (Federal Housing Administration):
Insured by the Federal Housing Administration.
Often suitable for first-time homebuyers with lower down payment requirements.


VA Loans (Department of Veterans Affairs):
Available to eligible veterans, active-duty service members, and surviving spouses.
Usually offers favorable terms, including no or low down payment.


USDA Loans (U.S. Department of Agriculture):
Designed for borrowers in rural areas who meet income and property eligibilit! ...

  mortgage, home loans, financing

Keller Williams | Hutch & Howard
11400 Parkside Drive, Suite 120
Knoxville, TN 37934
865-966-5005

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Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS. Copyright 2024 Great Smoky Mountains Association of REALTORS®. All rights reserved. Data last updated June 13, 2024
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