what are the different types of home loans available to a consumer?
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There are three main types of mortgages: conventional mortgages, which are backed by Fannie Mae and Freddie Mac; FHA loans, which are designed for low income or credit poor individuals and are backed by the Federal Housing Administration; and VA loans, which are for veterans and are backed by the Department of Veterans ...
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['Conventional mortgages.', 'Jumbo mortgages.', 'Government-insured mortgages.', 'Fixed-rate mortgages.', 'Adjustable-rate mortgages.']
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['Determine If You Are Ready to Buy a Home.', 'Start Shopping for a Loan.', 'Find the Best Payment Options and Loan Types.', 'Have a Down Payment Ready.', 'Be Honest About What You Can Afford.', 'Find a Good Real Estate Agent.', 'Request a Home Inspection.']
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['Find a Private Money Lender. Private lenders are individuals who provide direct funding to borrowers. ... ', 'Hard Money Loans. ... ', 'Invest with a Partner. ... ', 'Use a Home Equity Line of Credit. ... ', 'Seller Financing. ... ', 'Save for a Large Down Payment. ... ', 'Consider Real Estate Wholesaling.']
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['Unsecured Loans.', 'Short-Term Loans.', 'Car Loans.', 'Business Loans.', 'Invoice Financing.']
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Consider a loan with a built-in reserve The Federal Housing Administration (FHA) 203(k) rehabilitation loan or Fannie Mae HomeStyle Renovation Mortgage could be good financing options for buyers seeking fixer-uppers. These loans allow you to purchase the home with a reserve that's put in escrow to fund renovations.
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There are two main types of personal loan interest rates; fixed and variable. Fixed personal loans offer a fixed interest rate that does not change month to month, while interest rates on a variable personal loan are subject to change.
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['FHA loan. Best for: Buyers with low credit and smaller down payments. ... ', 'USDA loan. ... ', 'VA loan. ... ', 'Good Neighbor Next Door. ... ', 'Fannie Mae or Freddie Mac. ... ', "Fannie Mae's HomePath ReadyBuyer Program. ... ", 'Energy-efficient mortgage (EEM) ... ', 'FHA Section 203(k)']
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['Navy Federal Credit Union: Best home equity loans for service members.', 'Frost: Best home equity loans for low fees at a regional bank.', 'Connexus Credit Union: Best home equity loans for branch network.', 'Regions Bank: Best home equity loans for customer experience.']
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A personal loan can be a type of installment loan. You can ask for a personal loan from a bank, credit union, or other lender and pay it back with interest over a set amount of months. But unlike most other installment loans, you can use it for almost anything.
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['Detailed Costs of Buying a Home.', 'Down Payment.', 'Lender-based Origination, Underwriting, and Application Fees.', 'TItle-based Fees.', 'Survey and Appraisal Fees.', 'State Recording Fees.', "Prepaid Property Taxes, Homeowner's Insurance, and Interest.", 'Private Mortgage Insurance.']
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['8 in 10. ... ', 'On a $300,000 home: ... ', 'Consider low-down-payment loan options. ... ', 'Lender-specific loans. ... ', 'Federal Housing Administration (FHA) loan. ... ', 'VA loan. ... ', 'Ask your lender about down payment or cost-saving programs to help offset upfront costs.']
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['Buying property for rental or resale.', 'Real-Estate Investment Trusts (REITS)', 'Property Bonds or Property Loan Notes.', 'Peer to Peer Lending.', 'Property ISAS.']
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['Conventional / Low Ratio Mortgages. ... ', 'High Ratio Mortgages. ... ', 'Open Mortgages. ... ', 'Closed Mortgages. ... ', 'Fixed Rate Mortgages. ... ', 'Variable Rate Mortgages (VRM) / Adjustable Rate Mortgages (ARM)']
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Quicken Loans Mortgages Are Best for: People who want to complete the entire mortgage process online. People who value good customer service reviews. People who want to refinance through HARP.
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['You can use the money from a home equity loan for any reason.', 'Depending on the loan, you can receive the money in a lump sum, in regular payments or whenever you need to withdraw it.', 'HELOCs allow you to access the funds through a credit card and cheques.']
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A consumer loan is a type of loan made to a consumer (individual rather than a business or government). A mortgage is a type of consumer loan backed by collateral. ... A mortgage is a type of consumer loan backed by collateral. Other types of consumer loans backed by collateral are auto loans, boat loans and RV loans.