Understanding Your Mortgage Plan Options

Written by Family Magazine. Posted in Mortgage plan, Vacation home

Mortgage planning

Navigating the home buying process can sometimes feel like you are listening to a different language. The terms and conditions that your lender and agent explain to you can be confusing and overwhelming. Yet, the type of mortgage that you choose is extremely important. Each of the different types of mortgages has different terms and conditions. They require different down payment and closing amounts. Finally, the approval qualifications also differ between each type of mortgage plan offered.

Conventional mortgage

A conventional mortgage plan is considered to be your traditional type of mortgage. It is the most generic of mortgage plan options. The conventional mortgage normally has a standard minimum 20% down payment requirement. You may