Many different types of mortgages are available on the market, and it can be challenging to decide which one is right for you. This blog post will discuss the most popular types of mortgages and how they work. We will also provide a brief overview of the pros and cons of each type of mortgage.
So, whether you are a first-time homebuyer or looking to refinance your current mortgage, read on for information on the different types of mortgages available to you.
Chattel Mortgage
You may have heard the term “chattel mortgage” and wondered what it was. A chattel mortgage is a loan used to finance the purchase of movable property, like a car or a boat. The loan is secured by the property, not by the borrower’s home or other real estates.
If you’re considering buying a recreational vehicle (RV), a chattel mortgage may be the right choice. The interest rates are usually lower than those on personal loans, and the loan can be spread over a more extended period. Chattel mortgage tips can be found online and in …