Other kinds of mortgages
There are a few cases where you may qualify for (or need) a specialty mortgage. Your loan officer will be able to talk you through everything and help you find the right option for you.
A balloon mortgage lets you may smaller—or no—monthly payments until the end of a set period, usually around five to seven years. After that, you'll owe the remaining balance of the loan in one lump sum, which is known as a balloon payment. These mortgages typically have lower interest rates, and might be a good idea if you expect to have a significantly better income or credit score in a few years, or if you plan to sell the home before the loan term is up. However, there are a lot of risks associated with balloon mortgages, so it's important to talk to your loan officer about all your options.
Like a balloon mortgage, an interest-only mortgage lets you keep your payments down for a period of time. In this case, though, you'll pay only toward interest for that time. Once the period ends, you'll start paying the normal mortgage payment, which includes interest and also money toward the principal.