The most popular mortgages can be divided into two main categories to help simplify the choices. Mortgages that offer fixed interest rates and a fixed monthly payment, and some mortgages offer plans where either or both of those factors are adjustable. Owning your dream Florida or Virginia home doesnt have to be just a dream. There are now a lot of mortgage options that can fit your payment capabilities.

Fixed rate payments are the more commonly availed home loan options. This is obviously because of the fact that youll have a precise idea of how much youll be paying per month. Furthermore, you will always have the exact same interest rate until the mortgage is paid off, regardless of inflation rates.

Mortgages that have a flexible rate and/or flexible payments are popular during periods of high interest rates or rapidly growing prices. Real estate specialists will refer to this mortgage option as the "ARM" or Adjustable Rate Mortgage. The ARM offers lower-than-market initial interest rates and payments can decrease or increase over time. Rates are generally determined according to terms specified by the lender according to short-term Treasury bill rates. This mortgage option can be ideal for buyers whose income increases substantially each year.

The FHA loan is one example of a fixed rate home loan option. Fixed interest rate loans are FHA's most popular type of loan. These loans are fully amortized and have no pre-payment penalty. You can pay it in a span of 15 or 30 years. All FHA loans can be paid off or refinanced at any time. They are assumable but subject to loan qualifying. VA home loan is also another type of fixed mortgage rate loan. Little or no down payment is required for VA loans. This is available to veterans and their immediate family.

Conventional mortgages require a minimum of 20% down but if you can't afford a 20% down payment, ask your lender about PMI, or private mortgage insurance. Designed to protect the lender against borrower default, PMI allows you to obtain traditional financing with a lower down payment, sometimes as low as 5%.

As with an FHA insured loan, you must pay premiums for PMI coverage. This coverage is determined by the type and amount of your loan. The maximum loan amount is determined by your lender and can be included in your monthly loan payment if you wish.

The USDA loan is a home loan program by the rural development agency. It is a type of fixed rate mortgage that allows people in rural areas to own houses. This type of loan requires for zero down payment has low mortgage rates. 100% USDA Rural Home Loans are offered with no monthly mortgage insurance and great low interest rates. It is government insured and it has been gaining popularity since 2009.

A 203k loan or 203k Rehab loan is more idea for refinancing. When youre looking to repair your home, this is what you should opt for. A Rehab loan allows you to extend your mortgage payment and rehabilitate your home at the same time. This loan is actually another offer by the FHA. Neighborhoods and communities have made use of the 203k Rehab loan for revitalizing their area.

Marimark Mortgage LLC is a home loan agency that helps make these home loans available to you. They have loan calculators that help you know the exact details of the loan. They provide services that are apt for you and the current mortgage rates. Their other home loan offers include reverse mortgage loans and refinancing. Their services are available to the Florida and Virginia states.