Mortgage

A mortgage represents a loan on a property (real estate) that has to be paid over a specified period of time. It is just like the personal guarantee of the borrower who borrows the money to buy a home. With this he assures the lender that he will repay the money that he has borrowed to buy your home. There are various types of mortgage are available so make sure that you have selected one that is right for you.


Types of Mortgage rates: Some common types of mortgage rates include:

  1. Fixed Rate Mortgages
  2. Adjusted Rate Mortgages

Fixed Rate Mortgages: The FRM rates remain same over tenure of debt. The main benefit is it presents predictable housing costs for the life of the loan. The common fixed rate mortgages are:

  • 30-year Fixed Rate Mortgages
  • Biweekly Mortgages
  • Convertible Mortgages
  • 15-year Fixed Rate Mortgages

Adjusted Rate Mortgages: ARM is structured so as to follow market rates with a maximum ceiling rate which cannot be exceeded. The major advantage of ARM is it offers lower initial rates by sharing the future risk of higher rates between borrower and lender. Different components of ARM are:

  • Initial Interest Rate
  • Adjustment Interval
  • Index
  • Margin

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