What is a loan product? The very basic definition of “loan product” is simply “a type of loan account”. For example a 15-year, fixed rate mortgage is a type of loan product, specifically is it a type of mortgage loan. The following are 3 broad categories for types of mortgage loans: Fixed Rate Mortgage.
Likewise, people ask, what are the 4 types of mortgage loans?
Here are four types of mortgage loans for home buyers today: fixed rate, FHA mortgages, VA mortgages and interest-only loans.
- Conventional mortgages. A conventional mortgage is a home loan that’s not insured by the federal government. …
- Jumbo mortgages. …
- Government-insured mortgages. …
- Fixed-rate mortgages. …
- Adjustable-rate mortgages.
Besides, what type of mortgage loan is best for me?
VA loans are often considered the best mortgages on the market, and for good reason: they offer lower rates than ‘standard’ loans, and there is never any monthly mortgage insurance required.
How big of a mortgage can I get with my income?
This ratio says that your monthly mortgage costs (which includes property taxes and homeowners insurance) should be no more than 36% of your gross monthly income, and your total monthly debt (including your anticipated monthly mortgage payment and other debts such as car or student loan payments) should be no more than …