A non-traditional mortgage is defined as any mortgage that does not qualify as standard or conventional, or conform to a standard amortization schedule. Such as an adjustable rate mortgage, an interest only mortgage, a balloon payment, etc. And although these loans typically have higher interest rates to reflect the additional risks for the lender, they are sometimes a better solution than a traditional mortgage.
On this episode of office hours, Malcolm and Desiree sit down to discuss non-traditional mortgages and some of the ways they might be a better fit that the typical 30-year fixed rate mortgage.
