There are as many loan options as homes. The most common are FHA, conventional and VA (only available to veterans). Then there’s fixed rate, adjustable rate (ARM) and interest-only to add to your choices.
FHA loans offer lower initial investment, yet mortgage insurance can add up quickly. For those with a 20% down payment, conventional loans offer fixed terms. Depending on how long you plan to own your home, ARMs and interest-only loans may make sense, but pose riskier options than fixed-rate mortgages.
Before deciding, carefully evaluate your needs to determine which mix best fits your budget.
– Paula DeCrescentis, REMAX of Cherry Creek