Pros: Stable payments, rate protection, budgeting, refinancing. Cons: Higher initial rates, less flexibility, missed savings.
Pros: Lower initial rates, flexibility, potential savings. Cons: Rate uncertainty, higher payments, budgeting challenges.
Pros: Lower payments, cash flow flexibility, investment opportunities. Cons: No principal reduction, potential higher payments, limited equity growth.
Pros: Lower down payment, lenient credit criteria, potentially lower rates. Cons: Mortgage insurance, limited loan amount, property restrictions.
Pros: No down payment required, lower interest rates, flexible qualification requirements for veterans and active-duty military. Cons: Limited eligibility, funding fee, appraisal process.
Pros: Lower initial payments, short-term financing option. Cons: Large balloon payment at the end, potential for refinancing challenges, limited availability.
Pros: Supplemental income for seniors, no monthly mortgage payments, potential to stay in the home. Cons: Reduced equity, high fees and closing costs, potential impact on inheritance.