Selecting the Right Home Mortgage

There are at times a dizzying array of customer-friendly mortgages, starting with the conventional 30-year traditional mortgage to graduated-payment mortgages to adjusted rate mortgages. Not to mention the FHA or VA government loans or owner-carry-back loans or zero-interest mortgages or wrap around mortgages. Add to that potpourri of options is lots of paperwork and indecipherable terminology—and a crush of probably more creative methods of financing. If you feel the pinch, you’re not alone.

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What are the various types of mortgages?

There are many popular financing options for home purchases. See our section on Mortgages. The types of mortgages that are typically available to prospective homebuyers are: Click this link for a list of types and explanation of each.

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Mortgage Contingency Clause in Real Estate Home Purchase Contract

A “loan contingency clause”, also known as a “mortgage contingency clause” , is a provision in the home purchase contract that says that if the prospective buyer can’t get a mortgage within a fixed period of time, s/he can call the whole deal off. In other words, the agreement is conditional on the buyer being able to obtain a mortgage on the property.

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Homeowner with Outstanding or Upside Down Mortgage

If the value of your home drops, making the amount of your mortgage higher than the actual value of the property, you are considered to have an “upside down mortgage.” However, an upside down mortgage is just like any mortgage: it is a contract that legally binds you to fulfill your obligation of paying the loan in full.

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