As the Consumer Financial Protection Bureau website says, "A 30-year fixed-rate loan is a good choice for many people, but it’s not the only kind of loan available." It's true; not everyone needs or wants the same type of mortgage. AND, there is a big difference between getting creative with financing (to make the most of what you have) and magical (read: riskier) thinking when selecting a mortgage.
When borrowing money gets more expensive, lenders get creative. But unfortunately, not all lending tools are straightforward, and some lead to less-than-ideal mortgage surprises (hello, adjustable-rate mortgages). So if you are shopping for a mortgage and hearing terminology you don't fully understand or rates that sound too good to be true, please don't hesitate to reach out and ask us questions>>
We're happy to share what we know and/or refer you to educational resources.