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Mortgage Loan Types:
Barbara J. Beck /

Real Estate agents helping
home buyers and home
sellers in Florida. See
homes for sale, Rental
homes, condos,
townhomes, residential,
luxury homes. Real Estate
homes for sale in Tampa,
Lutz, Wesley Chapel,
Hillsborough, Pasco,

Brush up on these mortgage basics to help you determine the loan that will best suit your needs.

• Mortgage terms. Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the
term, the lower the monthly payment. However, you pay more interest overall if you borrow for a longer term.

• Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate as long as you hold the
mortgage and, in general, is usually a good choice if interest rates are low. An adjustable-rate mortgage is
designed so that your
loan’s interest rate will rise as market interest rates increase. ARMs usually offer a lower rate in the first years
of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how
frequently they can be raised. These types of mortgages are a good choice when fixed interest rates are high
or when you expect your income to grow significantly in the coming years.

• Balloon mortgages. These mortgages offer very low interest rates for a short period of time — often three to
seven years. Payments usually cover only the interest so the principal owed is not reduced. However, this type
of loan may be a good choice if you think you will sell your home in a few years.

• Government-backed loans. These loans are sponsored by agencies such as the Federal Housing
Administration or the Department of Veterans Affairs and offer special terms, including lower down payments or
reduced interest rates to qualified buyers.

Be sure you work with a lender who can discuss different options and address your questions on mortgages.
Do you need your
home sold? Call me,
Barbara J. Beck