Popular Types Of Mortgage Loans
Popular Types of MORTGAGE LOANS FIXED-RATE MORTGAGE TYPES You can choose from 5-year, 10-year, 15-year, 20- year-, 30-year, 40-year and even 50-year fixed-rate mortgages, all of which are completely amortized. You have the security of knowing exactly what your repayments will be and can budget accordingly. Cons: if rates fall, you'll miss out. BASIC VARIABLE A variable rate loan with a relatively low interest rate. You're paying a relatively low rate which may mean you can pay off the loan faster. Cons: limited features. STANDARD VARIABLE The most popular type of mortgage offered by most lenders. They have a lot more flexibility than basic loans. Cons: if interest rates go up, so will your loan repayments. EQUITY MORTGAGE LOAN Borrowers take out equity loans to receive cash. The loans can be adjustable, fixed or a line of credit from which the borrower can draw funds as needed. Cons: they are sometimes more expensive than standard products, so check whether you'll really benefit. Vogue Financial Sources: http://en.wikipedia.org/wiki/Mortgage loan#Mortgage loan types http://homebuying.about.com/od/financingadvice/qt/0507loantypes.htm http://finance.ninemsn.com.au/pfproperty/homeloans/8122762/types-of-home-loans
Popular Types Of Mortgage Loans
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