• Mortgage Types

A lot of people dream of having their own home in the middle of the main city, however lack of cash required to buy a home makes it difficult for people to fulfill their dream. Mortgage loans bring with it an amazing way to realize your dream of having your own home. Mortgage is basically the loan availed for buying property or a home which is required to be paid back to the lender in the specified time period. Also, while availing the mortgage, the property is kept as a lien or as a security with lender with the view that if the borrower fails to pay back the mortgage amount then the land will be obliged by the lender himself.

Mortgage enable users to own a home without any pressure of paying the whole amount in cash and is thus very much useful. However, one of the biggest challenge here is to choose a favorable types of mortgage loan for yourself.
Yes, there various different types of mortgage loans charging relatively different interest rates that would affect your finances in the later run.

Some of the well known mortgage loan are as follows -

  • Fixed Rate Mortgage - Fixed Rate Mortgage (FRM) is a type of mortgage where the interest rate and the monthly system remains fixed for life of the loan.
  • Adjustable rate mortgage - In ARM, the interest rate remain fixed for a specified time period which after that will be adjusted up or down periodically depending upon the market index.
  • Low Interest Rate Mortgages - Low interest mortgages offer a comparative low interest rate that most of the borrower wont pass. Finding a low rate can reduce years off your loan and can also help you save thousands, so make sure to search and compare the best low interest mortgage loan while you buy your home.
  • Interest Only Mortgages - The rate of interest in interest only loans can be changed as often as in a month or can remain same for the period 10 years.
  • Assumable Mortgages - In assumable mortgages, the outstanding mortgage and its terms can be transferred from the current owner to a buyer. The buyer can thus avoid having to obtain his or her own mortgage by assuming the previous owner's remaining debt.
  • Reverse Mortgages - The type of mortgage loan is available for older homeowners that allows them to convert part of the equity of their home into cash.

Low Interest Rate Mortgages

Low Interest Rate Mortgage ....

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Adjustable Mortgage Rates

Adjustable rate mortgage is exact opposite of the fixed rate mortgage. While in fixed-rate mortgage, the interest rate remains same till the life of t....

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Interest Only Mortgage

Interest only mortgage is the type of mortgage that allows the mortgagor to pay off the interest charged over the loan amount as the monthly payments.....

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Assumable Mortgage

Assumable Loan Definition ! Assumable mortgage is the type of financing arrangement that allows you to transfer the outstanding mortgage and its from ....

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Fixed Rate Mortgage

Fixed Rate mortgage is actually the most simplest mortgage option available to the users. It is the type of mortgage where interest rate is set at the....

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Reverse Mortgage

Reverse mortgage loan is available for older homeowners who can borrow money against the value of their home. There is no need to make repayment of re....

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Second Mortgage

Second mortgage is an amazing option for the people who could not make is through the first or the original mortgage. It is a subordinate mortgage mad....

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