Mortgage Types:
• Conventional mortgage
• FHA loan
• VA loan
• USDA loan
• Jumbo loan
• ARM (Adjustable Rate Mortgage)
Mortgage Components:
• Principal: Loan amount
• Interest: Cost of borrowing
• Property taxes
• Homeowners insurance
• PMI (Private Mortgage Insurance)
• HOA fees
Mortgage Tips:
• Shop multiple lenders
• Compare interest rates
• Consider closing costs
• Get pre-approved
• Understand all fees
• Plan for maintenance costs