Different mortgage products offer home loan options that can fit your specific financial situation. Your decision should depend on features like interest rates, terms, and down payment.
Watch the video to learn more about Choosing the Right Mortgage, then test your knowledge at the end of the lesson.
Which of the following terms is not typical with a traditional fixed-rate mortgage?
A. 5 years
B. 10 years
C. 20 years
D. 30 years
Hybrid mortgages combine adjustable-rate and fixed-rate features: the rate stays fixed for the first period, then adjusts periodically after that.
A. True
B. False
Since FHA loans require mortgage insurance, you can typically qualify with a down payment as low as:
A. 1.5%
B. 2.5%
C. 3.5%
D. 5.5%