Did you know that online mortgage providers could help you with all the new mortgage options that have been created in the past couple of years? Online mortgages are exploding because of how easy it is for consumers to learn about all these new mortgage plans available in today’s lending arena.



Over 85% of consumers still choose the 30-year fixed rate mortgage instead of the many new options available to them. If you are one of the 15% of people who are looking for an alternative way to finance your home then perhaps one of these new mortgage options will meet your needs.



There are many companies offering online mortgages called hybrids. Hybrids are not aliens coming to destroy your future home and steal your children; rather hybrid mortgages are creative mortgage options that could possibly save you money no matter what type of mortgage you choose. Typically, hybrid mortgages are fixed-adjustable rate mortgages that offer a fixed interest rate for a set period of time and then adjust either upward or downward depending on the market situation at the time of adjustment.



The 15-year mortgage is a popular choice with individuals who want to build equity faster than what 30-year mortgages allow for. 15-year mortgages are also popular with middle age buyers who have more discretionary income to invest in their home and desire to have it paid for before retirement becomes an issue. 15-year mortgages save borrowers a lot of money on total interest at the end of the loan period. If you are already in a 30-year mortgage and like the sound of this idea, you can always make two payments a month and mark the second one to apply to principle only. This tactic appeals mainly to those who are unsure if they would be able to meet the higher payments that a 15-year mortgage commits them too while allowing them to pay their loan down more rapidly if their financial situation changes for the better over time.



Some banks are now offering to allow borrowers to skip the traditional 20% down payment by offering the borrower up to 15% of the down payment as a second mortgage. This type of loan allows individuals who have little chance of ever saving up enough money for a traditional down payment to purchase a home and make payments on both mortgages simultaneously.



Our economy is a mess right now. That mess has created a wonderful opportunity for those individuals who are in the position to purchase real estate. Real estate prices are lower than they have been in over a decade and new mortgage options are making it easier than ever to own your dream home.