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Mortgage loan types
The word "mortgage" (method of using property as security for
payment of a debt) is quite frequent in our life, but not all of
us know that there are different types of mortgage loans.
There are two main types of mortgage loans - fixed rate
mortgage or FRM and adjustable rate mortgage or ARM.
A fixed rate mortgage (FRM) has the same interest rate
and monthly payment throughout the term of the mortgage. The
payment is calculated to payoff the mortgage balance at the end
of the term. The most common terms are 15 year and 30 years, but
also there are biweekly and convertible mortgages. Let's take a
look on the most popular 15 and 30 year fixed rate mortgages.
The 15-year fixed rate mortgage gives permission to house
owners to own their homes free and clear in half the time and
for less than half the total interest costs of the traditional
30-year loan. The loan's term is shortened by the 10 percent to
15 percent higher monthly payments.
30-year fixed rate mortgage may still be best for your
circumstances, because it offers the lowest monthly payments of
fixed rate loans.
An adjustable rate mortgage (ARM) is the best choice for
those, who care about lower monthly payment. But the interest
rate changes periodically in relation to an index and payment
may go up or down respectively. So, if you are sure that your
income will increase adjustable rate mortgage is right for you.
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