Different Loan Choices For Your Fort Lauderdale Mortgage

There seem to be a lot of different choices out there right now so you need to make sure you are dealing with a mortgage professional that will go over the best options for you.   I am a big fan of a big, long mortgage.  I would rather you put less money down making sure you have 12 months of reserves in the bank, are maxing out retirement, never having too much money tied up in any one asset, etc.  I prefer a 30 year fixed mortgage over a short time period because you can always make a 20 or 15 year payment but on a 15 or 20 year mortgage you can’t make a 30 year payment if money gets tight. 

I would be typing for days if I went into detail on the options below but I am going to list some of the options for now:

  • Conventional mortgage with less than 20% down with Borrower Paid Mortgage Insurance
  • Conventional mortgage with less than 20% down with Split Premium Mortgage Insurance
  • Conventional mortgage with less than 20% down with Lender Paid Mortgage Insurance
  • Conventional mortgage with more than 20% down
  • FHA 203(b) Mortgagte
  • FHA 203(k) Rehab Mortgage
  • VA Mortgage
  • Jumbo Mortgage
  • Fannie Mae’s HomePath Mortgage
  • Freddie Mac’s Homesteps Program (this is not a mortgage)
  • Fixed Rate Mortgage
  • Adjustable Rate Mortgage
  • Portfolio Mortgage
  • Foreign National Mortgage

I will try to write about each loan over the next few weeks.