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5 Types Of Mortgage Loans | House Buying Tips

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5 Types Of Mortgage Loans | House Buying Tips

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Purchasing a house with the help of a mortgage is really ideal these days, considering the fact that the real estate market is on fire right now. House rates are almost double than they used to around 10 years ago, so a little help is really needed.

However, you need to know the type of mortgage loans that you are going to get.

In this blog, GS Mann, the best mortgage broker and real estate agents in Calgary Canada in will list down the 5 types of mortgage loans that are available right now.

5 Types Of Mortgage Loans

5 Types Of Mortgage Loans

  1. Conventional Mortgage Loan

A conventional mortgage is a house loan that is not insurance by the federal government. Also, the conventional mortgage loan comes in 2 types, which are the conforming and non-conforming loans. The conventional mortgage loans are ideal for borrowers that have a strong credit and stable income end employment history.

  1. Jumbo Mortgage Loans

This mortgage loan is for those that are going for houses that are really expensive. These are common in areas that sell houses at a high rate and require a more in-depth documentation and review about your situation before you can avail it.

  1. Government Insurance Mortgage Loans

The government is not a mortgage lender, however, it does play a role in helping people of their country become official home owners.

  1. Fixed-Rate Mortgage Loans

Fixed-rate mortgage loans are the most common types of mortgages that people purchase. This one keeps the same interest rate over the life of your loan, which means that your monthly mortgage payment is going to stay the same until the last payment. Most of the time, people avail this one at 15, 20, or even 30 years.

  1. Adjustable Rate Mortgage Loan

Adjustable rate mortgages, which are also known as ARMS, are one of the most popular and most widespread residential mortgage products that are offered by Canadian lenders. They are also known as the variable rate mortgages. A mortgage broker Calgary Alberta can help you have flexible interest rates with ARMS.

Why GS Mann?

GS Mann is the best mortgage broker Calgary rates, Canada, that can help you purchase the house of your dreams with the help of house loans. Our immense knowledge and experience in the field has helped us make the dreams of thousands of families come true, and we can do the same for you. To know more about our services, call us on the number below or send us an email!