Conventional mortgage loans are a good choice for borrowers with good credit scores. Jumbo loans are best suited to those with excellent credit ratings willing to buy an expensive house. Government-insured loans are best for borrowers with lower credit qualifications, who don’t have much cash for a down payment. Fixed-rate loans are best for those borrowers who want the predictive monthly interests on their loans. Adjustable-rate mortgage loans are best for those willing to risk higher periodic interest payments, but with the chance of them being lower, if central banks’ interest rates fall.
Conventional loans can be used for primary and secondary houses but require FICO score of at least 620. Jumbo loans fall outside of FHFA loan limits but require down payment of at least 10%. Government-insured loans are best for borrowers, who don’t have a large down payment, but come with insurance premiums that must be paid. For fixed-rate mortgage loans monthly payments stay the same, but with larger interest as terms of these loans are prolonged. Adjustable-rate loans sometimes have lower interests in the first years of loan repayment and can save its holder large amounts of monthly interest payments. However, if central banks’ interest rates go up, these monthly payments can be higher significantly in absolute terms.
Any property owner in the US has the right to appeal to the Appraisal Review Board if he/she thinks that the estimated value of their property is too large, causing them to pay higher property taxes for it.