Business And Management

When the Conventional Mortgage Becomes Unconventional

Well, it's a completely non-conventional loan, meaning there are lots of options! Here are some of the most common types of non-traditional loans available today:

Adjustable Rate Mortgage

An adjustable rate mortgage, sometimes referred to as an adjustable rate mortgage (ARM), is a mortgage loan in which the interest rate changes based on current market conditions. You can opt for “unconventional loans in Virginia or get free consultation” (which is also known as prstamos no convencionales en Virginia u obtenga una consulta gratuita in the Spanish language) from the bank officers.

Interest-only mortgage

An interest-only mortgage works exactly as the name suggests. Interest-free mortgages usually require the borrower to pay only interest on the loan, but the principal balance must eventually be repaid. 

Excluding Mortgage Loans Doc

With an undocumented mortgage, the borrower is not required to submit any financial or employment documents to qualify for a loan. Borrowers still need to have an excellent credit history to qualify for an undocumented loan. 

Short term and extended mortgages

Another type of non-traditional loan is related to the term of the loan. Traditional loans have a term of 30 years. However, unconventional loan terms can be longer or shorter. The shorter mortgage terms are usually 5, 10 or 15 years; Extended mortgages are usually no more than 40 years.

Other types of unconventional regular loans include negative amortization loans, zero-income income mortgages (NINA), and zero-employment asset-free mortgages (NINJA). However, they are not recommended; If this is the only type of mortgage you can qualify for, the mortgage you want to get is probably more than you can afford.