What Are the Various Types of Mortgages?
There are many different types of mortgages, and you should contact several lenders to decide which fits your needs best.
Some of the most common mortgages available today include fixed-rate mortgages and adjustable-rate mortgages.
Fixed-Rate Mortgages - A fixed-rate loan has an interest rate that stays 'fixed' during the term of the loan. This means that your loan payments will stay the same for the whole term of the loan. Fixed-rate loans offer stability in fluctuating market conditions and the comfort of knowing exactly how much your housing payment will be.
Adjustable-Rate Loans - Adjustable-Rate Mortgages (or ARMs) are home mortgages with interest rates that can change periodically. They frequently have an initial inte...
Posted : April 01, 2009 | 
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