Mortgage types and interest rates have more variety than doughnuts. This is the challenging part of shopping for a mortgage.
We've done this several times. We've probably tried most of the common types of mortgages, from short-term 6-month mortgages (which normally offer the lowest interest rate, but which you have to negotiate the most frequently) to variable interest rate mortgages over a 5-year term.
Here's what we can say with good authority - your current mortgage rate may not be the best deal you could get. Unless you've gone to your lender with the same kind of steely determination with which you would face a used car salesman, you are likely paying more than you have to.
With this in mind, we'll also share what we've learned from the school of hard knocks.
So, pick the type of mortgage that you are interested in from the list below. There is a lot of information about each one!
- Low interest rate mortgage
- Adjustable rate mortgage
- Interest only mortgage
- Assumable mortgage
- Fixed rate mortgage
- Reverse mortgage