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• Monthly payments are fixed over the life of the loan.
• Interest rate does not change.
• Protected if rates go up.
• Can refinance if rates go down.

Disadvantages:

• Higher interest rate.
• Higher mortgage payments.
• Rate does not drop if interest rates improve.

• Lower initial monthly payment.
• Lower payment over a shorter period of time.
• Rate and payments may go down if rates improve.
• May qualify for higher loan amounts.

Disadvantages:

• More risk.
• Payments may change over time.
• Potential for high payments if rates go up.

• Lower initial monthly payment.
• Lower payment over a shorter period of time.
• Rate and payments may go down if rates improve.
• Many balloon mortgages offer the option to convert to a new loan after the initial term.

Disadvantages:

• Risk of rates being higher at the end of the initial fixed period.
• Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option.

• Increased affordability -- your own down payment is covered by the second mortgage and your monthly payments can be significantly reduced 
• No requirement for Private Mortgage Insurance (PMI) means even more savings
• Tax deductibility advantages (with a combination loan, the entire loan amount is tax deductible -- PMI payments are not

• Lower initial monthly payment.

Disadvantages:

• Higher rates.

• Don’t need to verify income.
• Faster approval.

Disadvantages:

• Higher rates.
• Higher down payment.

• Fixed payments.
• Interest may be tax deductible.

Disadvantages:

• Higher interest rates than on 1^st mortgages.
• Harder to refinance your first mortgage.

• You only borrow what you need.
• Pay interest only on what you borrow.
• Flexible access to funds.
• Interest may be tax deductible.

Disadvantages:

• Rates can change. The maximum interest rate is normally high.
• Payments can change.
• Harder to refinance your first mortgage

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