Specialty mortgages are a group of mortgages that work well for people with special needs. They are not the conventional 30 year fixed mortgage that is so well known.

Adjustable rate loans, buy to let mortgages, commercial loans, and interest only mortgages are a few of the specialty mortgages discussed in this section.

Specialty loans are sometimes necessary because of the type of property being purchased; it may be a specialty property. An example is the commercial mortgage which is used for purchasing commercial places in which business can be conducted. This specialty situation doesn’t fall into the same category as a residential home loan.

Specialty loans are sometimes necessary because of the use of the property, such as buy to let mortgages. Other times, specialty mortgages are necessary due to the general financial environment or your personal finances.

Determining if your needs can best be met by specialty mortgages is not a simple process. Unless you know you want commercial or buy to let mortgages, then you need to study the general financial “weather” and your personal finances carefully.

To help you determine if you need a specialty loan or exactly what loan type would best suit your needs, read all the information possible about all the available types of mortgages. Then locate online mortgage calculators that will calculate information about any of the types of mortgages you are considering. Whether you believe a specialty, conventional, or other type of mortgage would best suit your needs, you need to verify payments, options, and the risk of higher interest rates in the future.

Even if you are not ready to purchase your home for a year or two, you still should begin your home financing option education. Knowing what types of loans, including those considered to be specialty, are available and what the pros and cons are of each type will prepare you for your purchase. It can cost you thousands and thousands of dollars over the life of a loan if you do not do your homework and prepare!

Start your journey learning about specialty mortgages here. In other areas we provide you good, sound informational material on other types of mortgages, how to locate home loans even if you have bad credit and a wealth of valuable information.

Specialty mortgages, like all home loans, are governed by Federal and State laws. While the Federal laws cover the entire United States, the State laws may vary somewhat from State to State. You must research anything specific to your State’s home financing laws on your own. The information is easy to gather, just look to your State’s website for sources. Local real estate agents and brokers can help you as well with your learning experience.

Remember, not everything on the Internet is true or up-to-date.

When you begin your search for specialty mortgages, you may find an Internet lender to be both easy to deal with and very informative. You can fill out applications or use their specialty calculators for mortgage estimates. Most will be glad to talk to you over the phone as well. Since specialty mortgages are a breed in and of themselves, you may also wish to talk to your financial advisor before entering into any specialty mortgages.