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If you are looking for a new mortgage or refinancing of loans that you have probably noticed, there have been few occasions in recent years has set the standard rate mortgage
of 30 years. In fact, there are at least six basic types of loans that may be offered to prospective borrowers. The information must describe the motivations and the advantages and disadvantages of each type.

1. Purchase Home Loan – The loan can be secured by a fixed rate mortgageMortgage rates or a variety of variable rate or balloon. It is the most important for owners to buy a house. Request for payment and repayment of loans between 10 and 40 years.
2. refinance home loans. These loans are interest in some property markets reduced. They are also used for the capital in cash in your home for the expense of others. Be sure to refinance, the cost of closure costs must be calculatedand that it is better that the cost of maintaining the existing loan.
3. the second mortgage or home equity loan. This is normally done for similar reasons to refinance, but only the amount of equity in the entire apartment is available. Recent history shows that the amount of second mortgage can reach 125% of the value of the house, but those days are gone. The most you can borrow, is now 90-95% of the value of the house.
4. Home Equity Line of credit. Substantially similar to second mortgages or credit capital investment, unless the loan is flexible and can be taken and when necessary. The net value of assets determines the amount that can be borrowed.
5. Home equity loans. The loan period is related to the duration of the construction. Its main use is to be paid to the contractor, while his apartment is under construction. If the house is ready, theConstruction loan turns into a traditional mortgage default.
6. The first loans buyers home. In a traditional mortgage loan is structured, but with specific conditions that provide incentives to buyers for the first time in the form of lower purchase costs, the amount of payment or other benefits.