adjustable-rate mortgages to see what’s right for you. The interest rate remains what it is, or stays fixed, for the life of the loan. The most common type of conventional loan, a fixed-rate loan prescribes a single interest rate-and monthly payment-for the life of the loan, which is typically 15 or 30 years. The type of mortgage loan that you choose could affect your monthly payment. To learn about all your home-buying options, check out these common types of mortgage loans and whom they’re suited for, so you can make the right choice. Types of mortgage loans: What to know about types of house loans Each mortgage loan may require certain down payments or specify standards for loan amount, mortgage insurance, and interest. Many types of house loans exist conventional loans, FHA loans, VA loans, fixed-rate loans, adjustable-rate mortgages, jumbo loans, and more.
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