Mortgage Loan -30-year Fixed
With a 30 year fixed rate mortgage, your interest rate does not change, and you pay the loan off in 30 years.
Traditionally, this has been the most popular mortgage when interest rates are low because you can lock
in and secure a low interest rate.
Mortgage Loan -15-year Fixed
15-year mortgage will save you a lot in interest over the life of the loan, because you pay
interest only half as long. The only disatvantage with a 15-year Fixed Loan is that although the interest rate
is lower, monthly payments are higher than a 30-year mortgage.
Mortgage Loan -7/1 Adjustable
The monthly interest rate for this 7/1 ARM is fixed for an initial term of 7 years. Each year after that term,
the rate will be adjusted and calculated on the basis of the average yield on U.S. Treasury.
Mortgage Loan -40 Year Fixed
Is a 40-year mortgage an unsafe way to go about homeownership? Buyers in high-cost housing markets in the have turned to 40-year fixed-rate mortgages to achieve homeownership.
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