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A traditional mortgage allows borrowers to choose between a variety of options, from short-term ARMs to 30-year fixed rates and anything in between. Traditional loans usually take less time to process than FHA or VA loans making them the best choice for those looking to borrow sooner. Traditional mortgages require a higher down payment and often come with many other fees including originations fees, mortgage insurance and appraisal fees making the upfront costs fairly sizeable.
A reverse mortgage or home equity conversion mortgage (HECM) is a special type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. There are three types of reverse mortgages: single-purpose reverse mortgages, offered by some state and local government agencies and nonprofit organizations.
A jumbo mortgage is a home loan for an amount that exceeds conforming loan limits established by regulation. A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio, a higher credit score, and a larger down payment, a jumbo loan may be right for you. The jumbo loan limit is $417,000 in most of the United States. The limit on jumbo loans is $625,500 in the highest-cost areas.
Refiance is when the first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage. For borrowers with a perfect credit history, refinancing can be a good way to convert a variable loan rate to a fixed, and obtain a lower interest rate.
A mortgage market for home financing transactions. The primary mortgage market is broken into two types of transactions: purchases and refinances. Both fall under the overall category of mortgage originations. While purchase mortgages and refinance mortgages are different in purpose, the level of activity in each is highly correlated to the other.
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