Types of Mortgages Guide | LowerMyBills

00:00 Introduction to Loan Types
00:09 Conventional Loans (Conforming)
00:50 Nonconforming Loans
1:11 Balloon Loans
1:29 Government-backed Loans
2:19 Closing

If you’re looking to buy a home, you should know there are different types of mortgage loans, each of which comes with pros and cons. Understanding the differences can help you find one that’s right for you.

The type of mortgage you choose has a big impact on your finances. It affects your monthly payment, the total cost of interest, and how long you’ll pay the loan. There’s no one-size-fits-all answer for homebuyers, because the mortgage that best suits you depends on your financial situation and your plans for the future.

Here’s what you need to know about different types of mortgages to make an informed decision.

Featuring Annie Margarita Yang, Personal Finance Writer

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