Securing the right type and terms of your mortgage loan are just as important as your purchase.
The modern mortgage market offers a variety of mortgage loans catering to the needs of homebuyers. The titles and details of these plans can become confusing, especially as new types continuously evolve. Look to your real estate professional for assistance.
Basic Principles of all Mortgage Loans
Basic Features of all Mortgage Loans
Some loans appear to have more favorable terms. For example, shorter-term loans often have slightly lower interest rates. However, the monthly payment for the same amount of principal may be higher because of the shorter term. Variable rate loans usually have much lower interest rates to compensate for the risk the borrower accepts if interest rates will go up in the future.
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