There are numerous home financing choices available. Some of these options include:
- Traditional Fixed-Rate mortgages: This offers the certainty of regular monthly payments over a long time period, but often comes with a higher interest rate.
- Adjustable-Rate mortgages: ARMs generally offer a lower initial rate than traditional fixed-rate mortgages, but the rate will eventually fluctuate after the ARM expires.
- Blended Rate mortgages: This financing option combines a fixed-rate and an adjustable-rate for an initial period.
- Interest-Only mortgages: This allows interest-only payments for a specified amount of time and any amount paid above the interest payments goes toward paying down the principal.