When it comes to financing your home, you have a few options to take into consideration. It can be confusing and you may not know the difference between the options or know which one is right for you. Lets take a look at the three most popular mortgage loan options.
Fixed mortgage loans
Fixed mortgage rate loans are the most popular type of home loan. With this type of loan you will know upfront what your monthly payment will be for the life of your loan.
The 30 year fixed rate loan is probably the most common loan selected by home buyers because the loan is spread over a longer span of time which reduces the monthly payment required each month. However, it increases the amount you have to pay over time due to interest as opposed to a shorter term loan.
The 15 year fixed rate loan allows you to pay off your home if fifteen years and is a popular choice for home buyers that can afford a higher monthly payment. You will only pay half the interest you would otherwise pay with a 30 year loan.
Biweekly loans are usually tied in with a 30 year fixed rate loan. Payments are made every two weeks instead of monthly. This lowers the amount of interest...
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