Here are the most common types of home loans for reference.

1. Types Of Home Loans

2. Home Loans
Today, obtaining a home loan is really
easy, if you have a good credit history.
There are various types of home loans
available in the current market and it is
important to understand the right type of
home loan for your circumstances so that
you don’t get stuck with that loan.

3. Types of Home Loans
Generally, there are four different types of
mortgages loans:
Basic Home Loan
Fixed Rate Mortgage
Adjustable Rate Mortgage
Equity Line of Credit Loan

4. 1. Basic Home Loan

5. Basic Home Loan
This is one of the most common types of
home loan, if you’re a first time home
buyer.
As the name implies, basic home loans
are not having any special features rather
than being a short term home loan that
may offer lower interest rates.

6. 2. Fixed Rate Loan

7. Fixed Rate Loan
Fixed rate is a type of home loan in which
you will have a fixed monthly repayment
for the entire term of your mortgage.
It will be an applicable choice for fixed
earners as they can manage their monthly
budgets on their income.

8. 3. Adjustable Rate Loan (ARM)

9. Adjustable Rate Loan
The rate of interest for this type of home
loan will vary from the market fluctuations.
Your monthly repayments will become low,
if your interest rate is low. In the same
way, if your interest rate rises, your
monthly repayment value will also
increase.

10. 4. Equity line of credit loan

11. Equity Line Of Credit Loan
If you have financial or other medical
emergencies, then you may choose
equity line of credit loan.
In this type of home loan, you are
supposed to borrow the urgently
needed money on your home equity.

12. Thank You
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