Mortgage loans are no longer one size fits all. The home loan has evolved. More individuals qualify for the financing because we have the tools to efficiently evaluate each application. These are several loan categories. Within those categories, there are sub-categories. Let’s explore the various types of home loans.
First Time Buyer
The most common home loan is the one used by the first-time buyer. It is a standard loan that asks for a 20% down payment. Repayment takes 15 or 30 years. An interest charge is added to the principal. The process takes about three months because lenders like us run a series of background checks. We are simply looking for a middle ground between the amount you would like to borrow and your potential risk.
Construction
A construction loan walks into the specialised territory. It must be used to finance the construction of a home or other housing unit. The amount requested for this project is often significant. Thus, the application process differs from the first-time buyer.
Relocation
Individuals relocate for a number of reasons. The relocation may be short-term or not have a defined timeline. This situation falls into special circumstances, too. Our team can work with you. We take into consideration that the relocation might be temporary and unpredictable.
Investor
Investors have a different set of circumstances, too. Your goal may be to purchase a property that is going to be resold in a short period of time. You may also require a shorter-term or favourable interest rate. Rest assured that we partner with investors.
Mortgage Loans Conclusion
You have your reasons for looking into our Mortgage House mortgage loans. Our team is ready to walk you through the various types before you submit your application. To start, feel free to explore our guide to buying your first home or our online mortgage calculators, which have no strings attached. Then, contact our team.
