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Mortgage Loan Terminology: Types of Mortgage Loans
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By Louie Latour

Your mortgage is one of the largest investments you make. Choosing the right loan is important and will help you avoid making a 15 or 30 year mistake. Before applying for a mortgage it is important to familiarize yourself with basic mortgage terminology; here are the basic types of mortgage loans to help you get started on the right foot.

When your parents applied for a mortgage there was typically only one option available to them: a traditional 30 year mortgage with a fixed interest rate. Today there are dozens of choices and options for your loan, ranging from fixed to adjustable interest rates, jumbo mortgages, and option loans. Here are the basics you need to know.

Fixed Interest Rate Mortgage Loans

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The most popular variety of mortgage is the traditional loan with a fixed interest rate. Fixed means the interest rate and monthly payment do not change over time. Homebuyers who want predictable payment amounts with little or no risk will find a 30 year fixed rate mortgage to be their best option.

Adjustable Interest Rate Mortgage Loans

Adjustable rate mortgage loans come with lower interest rates than a comparable fixed rate mortgage, at least initially. Adjustable rate mortgages typically come with an introductory interest rate that will change at the end of the introductory period. This type of mortgage is

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This entry was posted on Tuesday, October 17th, 2006 at 2:06 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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