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Mortgages by Mind Map: Mortgages

1. Wells Fargo offers a variety of home mortgages for first time home buyers or seasoned buyers.

1.1. Typical credit ranges for better interest rates are 700-760.

1.2. Fixed APR mortgages 20 - 30 years are available at a slightly higher interest rate.

1.2.1. A 20 year fixed term mortgage will yield a lower interest rate and higher payment. With a credit score of 760, the interest rate will be 4.645 at the current moment.

1.3. Variable interest rate loans also available with slightly lower interest rates. For the first few years of the loan, the interest and payments are locked in, but after that they are adjusted annually.

2. Quicken Loans offers home mortgages geared to poor credit.

2.1. As an FHA loan originator, lower credit scores are accepted. Scores can be as low as 560 to qualify for a home loan through Quicken.

2.2. Co-signer does not have to reside in the home on an FHA loan.

2.3. Offers assistance to raise credit scores and fix bad debt.

3. US Bank Home mortgages

3.1. Offers first time home buyers various loan types from FHA to conventional loans.

3.2. FHA Loans have lower credit score requirements, but higher interest rates.

3.3. Conventional loans offered with fixed rates from 10 years with the lowest interest rate and higher monthly payment to 30 years and a higher interest rate and lower monthly payment.