Mortgage rates have been at historic lows, but the Federal Reserve has indicated that rate hikes are coming. If you want to get in on lower rates, now's the time to figure out which of the five major types of loans is best for your homebuying needs.
Before we dive into the five types of mortgages, you should know that they all fall under one of two categories: conforming loans and nonconforming loans. The difference comes down to how much risk a lender is willing to take on with you as a borrower.
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