The mortgage business is not very easy to understand; we can say that because we are in it. Though with that said, we at Wyndham Capital Mortgage have made it our business to study the mortgage industry in-depth so we can have a full and up-to-date understanding of the mortgage laws as well as the current trends that are sweeping the marketplace at any given time. With decades of experience behind us, you can certainly say we know a thing or two about mortgages. We work hard to educate our customers about our loan products – so they can be sure they are going to get the best mortgage loan for their individual situation.
What types of mortgages are available?
Until recently there were only three basic types of mortgages on the market. Now there are a wide array of mortgage types out there, but in the interest of keeping this blog post short and informative we are going to focus on the main types that you are likely to encounter. The fixed rate mortgage is the most common and in many cases the best option for homebuyers. You can choose from a 10, 15, 20, 30 or even a 50 year loan that is completely amortized. 
An FHA mortgage is ideal for first time homebuyers, especially those will less than perfect credit. These loans are funded by the government and guaranteed by mortgage insurance that is built into the loan itself. A VA mortgage is available to veterans of the United States Armed Services and in some cases to the spouses of deceased veterans. VA loans do not require a down payment and are guaranteed by the Department of Veterans Affairs, though they are funded conventionally.
ARM or Adjustable Rate Mortgage loans came under fire when the recession began. While the initial payments on an ARM loan are low, at a certain point, large balloon payments become due which caused a tremendous number of foreclosures at the start of the recession.
Again, there are other mortgage types that we just don’t have the time or space to cover here and one of them might be perfect for you. To find out which mortgage loan is the right one for your needs all you have to do is talk to Wyndham Capital Mortgage. Call us, you have nothing to lose!
