Buying a home is something that most people look forward to. When it comes time to look at the various options that are available for mortgages, though, the questions start to arise. There are so many different options that it can definitely be confusing. Here are some brief descriptions that explain your different loan type products.
Every mortgage will fall under one of two general types – it will either be a fixed rate mortgage or an adjustable rate mortgage. Here are definitions of these two types.
Fixed Rate Mortgages
A fixed rate mortgage is one in which the interest and payment rate always stays the same. It does not matter what happens to the market – good or bad, your payment does not change. This is especially good when the market is changing or the economy is fluctuating.
Adjustable Rate Mortgages
An adjustable rate mortgage is one that changes periodically in order to reflect the economic conditions. Most people get these mortgages because it allows them to get a little bigger house than they could otherwise afford. These usually have a fixed rate portion for a few years first, then the rate changes regularly –...
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