They vary from store to store as they do from bank to bank. The variable-rate mortgage is becoming an increasingly popular method of financing a home purchase and is available from nearly every bank or lending institution at this time. FHA and VA FHA mortgages are available to all citizens. VA Mortgages are available only to veterans. These loans are assumable when you sell your home.
Interest rates are often lower, but points are often higher.
In this type of loan the seller will keep the old lower-interest mortgage in effect, and loan to the purchaser, generally through a second mortgage, the money needed to complete the sale. The buyer is responsible for payments on the first and second mortgages. In New York State, many existing first mortgages effectively eliminate any possibility for this arrangement. This occurs when the lender provides a fixed-rate mortgage at much lower than current market terms. However, when the house is eventually sold, the lender takes a percentage of the price appreciation.