Knowing the types of mortgages available can help you secure unique loan benefits like lower interest rates and easier monthly payments. Conventional loans include conforming and non-conforming loans, with different requirements and benefits. Jumbo loans are for high-cost homes, while FHA, VA, and USDA loans cater to specific groups. Fixed-rate mortgages keep payments consistent, while adjustable-rate mortgages offer flexibility. Second mortgages and home equity loans provide additional borrowing options, each with its own terms and risks.
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