Types of mortgages : See Next

1. Fixed-rate mortgage 2. Adjustable-rate mortgage (ARM)

[{"selector":"#anim-b340d2b8-fffd-4a98-bed8-3cdd03f4fcbf","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-20da8cdc-68f5-4fb8-8191-840a59cbaac6","keyframes":{"transform":["translate3d(99.75787%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

3. Balloon mortgage 4. FHA loan

[{"selector":"#anim-d62f751e-6b84-4532-9b19-fb1b485490fa","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-033cd956-6ef2-4c94-a32b-601897e5f449","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

5. Reverse mortgage 6. Jumbo Loan

[{"selector":"#anim-f51d89ef-2232-4252-a111-0153f52bcfbd","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-26f0f293-617b-4ec9-9f75-a1a9b05137d0","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

7. USDA loan

[{"selector":"#anim-ee6e5708-c9aa-4c08-ae0a-0f915c210649","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c783339a-3269-48a3-8ef8-5805792c365a","keyframes":{"transform":["translate3d(101.69903%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

What is mortgages ? Mortgages Meaning See Next

A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home

[{"selector":"#anim-b04b84c1-128c-4442-83c1-9dc5a3a6a7fa","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ce427f5a-3293-4510-b2b6-ef8b9e42fe32","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The collateral for the mortgage is the home itself.

[{"selector":"#anim-f543e694-e618-42a7-a9b4-96603b02ce62","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-62a21807-fde4-42c2-b6ca-738665bda27b","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

That means if the borrower doesn’t make monthly payments to the lender and defaults on the loan,

[{"selector":"#anim-5cf6ef57-086f-4fa3-868f-11c08e0d2baa","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-66eb9e5a-f518-4aa2-aaef-894f49122839","keyframes":{"transform":["translate3d(99.75787%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The lender can sell the home and recoup its money.

[{"selector":"#anim-4849b735-9217-423b-8b08-05b320aed675","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-03b42f70-aa8f-4de0-93a7-5f5b09b69741","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]