If the loan goes into Foreclosure, then the property is sold and the proceeds go to the lender. Both FHA and VA have limits on the amounts they will reimburse. As stated previously, conventional loans generally have more flexible terms than government loans. Mortgage Insurance is there for the benefit of the lender; not for the benefit of the borrower. If youre trying to decide on a mortgage loan, I suggest going with the loan that gives you the best loan terms and the best interest rate. Make sure you understand the following: 1. If yes, this is considered an Adjustable Rate Mortgage or ARM.

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