Financing sources and options

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Traditional banks, lending institutions, and credit unions offer a wide variety of financing options for homebuyers. Many of these are subject to terms of specific lenders and require a range of fees. Following is information about the most common types of mortgage loans. Bradford Real Estate will assess your needs and recommend a lender that meets your requirements and goals.

Examples of available financing

 

• Adjustable rate mortgage (ARM)

  This loan features a fluctuating interest rate, capped at a certain percentage per year and term, which allows homebuyers to enter the market at a lower rate.

• Balloon mortgage

  A loan with regular monthly payments that calls for a lump sum at maturity.

• Biweekly mortgage

  This loan offers biweekly payments, which facilitate earlier payoff.

• Blanket mortgage

  A commercial loan that is secured by more than one property.

• Conventional mortgage

  Also known as a traditional mortgage, this loan is offered by a lending institution that is subject to specific rate and terms.

• FHA loan

  A residential mortgage insured by the Federal Housing Administration.

• Fixed-rate mortgage

  A loan that offers an unchanged interest rate over its life.