Rather than investing in a brand new Cadillac and subsequently subjecting yourself to America's, now trademark, exurbant gasoline prices, you have decided to put your money into a new dwelling out in Minnesota. You are all ready to breathe in that old-fashioned Midwestern aura and be soaked up in the blanket of good ole hospitality, but there's still the question of how to finance this big move.

Minnesota Home Mortgage-Types of Mortgages

Before taking out a Minnesota home mortgage, familiarize yourself with your buying options. There are a multitude of mortgage options out there for you, and they go a lot further than the typical fixed rate and adjustable rate mortgages.v

Assumed Mortgage: The Hendersons are moving to the Twin Ports city of Duluth. The only problem is they haven't finished paying off their Minnesota home mortgage for their single family split level in Bloomington. That's where assumed mortgages come in. An assumed mortgage allows a home buyer to take over the outstanding debt on a seller's existing home loan.

This is a great option for prospective buyers with less than perfect credit. Since you are taking over all of the obligations of the existing loan, you get the benefit of the previous home owner's interest rate.

Blanket Mortgage: A blanket mortgage, or blanket loan, allows borrowers to purchase pieces of land that are routinely used by land developers.

Participation Mortgage: A participation mortgage features a partnership between the lending institution and the home owner. Lenders and owners split the profits from home rental or resale of the property.

Seasoned Mortgage: Seasoned mortgages are another of the short term loans. Spanning from a period of from six months to a year, seasoned mortgages are generally paid back within that time frame.

Negative amortization loan: The negative amortization loan takes on several common names, such as NegAmMort and deferred interest. The NegAmMort allows loan borrowers to make monthly Minnesota home mortgage payments that are slightly less than the full amount owed to the lender.