Insured or guaranteed mortgages are available from almost every level of government. The federal government offers loans through the Federal Housing Administration, the Veteran’s Administration, and the Farmers’ Home Administration. The state offers first-time homebuyer loans through the Missouri Housing Development Corporation. And the City of Columbia offers low downpayment, low interest loans for first-time [...]

REVERSE mortgages are a special type of loan that enables those 62 and over to remain securely in their own homes for life, with full title and ownership rights, while converting some of the value of their homes into tax-free, guaranteed monthly income. Unlike a regular mortgage, a monthly check goes TO the homeowner FROM [...]

Balloon Loans and Two-Step Loans act like Fixed Rate Loans for the initial period–usually either five or seven years–with the advantage that they carry a lower interest rate. These are a good choice for buyers who know they will be in the home only a short time. The disadvantage is that after the initial period, [...]

Adjustable-rate mortgages (referred to as ARMs), become more popular as interest rates rise because they offer a rate below 30-year fixed rates. ARMs make sense for borrowers who plan to be in a home only a short time or who expect income to rise over the next few years. And the lower rate allows borrowers [...]

There are several different types of loans you can choose when you buy a home or refinance the one you already own. The three most common types of conventional loans are Fixed Rate Loans, Adjustable Rate Loans (often referred to as ARMS), and Balloon Loans, sometimes called Two-Step Loans. Conventional loans are those which are [...]