As the name suggests, with a fixed rate mortgage, your rate of interest on the loan remains fixed throughout the term of your loan and the repayment is split into monthly installments for the entire duration regardless of its length. \nhttp://www.awmlending.com/loans-fixed.php
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Types of Mortgage Loans for Potential Homeowners
a house, taking a
mortgage is inevitable for
most homebuyers. Earlier
from 2000 to late 2008,
during the boom of real
estate industry, buyers
had exotic loan options to
choose from as lenders
were offering great loans
at risky terms. However
since then, lenders have
returned to the safe
environment of home
conventional buyers can choose from. They are as follows:
As the name suggests, with a fixed rate mortgage, your rate
of interest on the loan remains fixed throughout the term of
your loan and the repayment is split into monthly
installments for the entire duration regardless of its length.
During the initial years of this type of loan, only a small amount of
principal amount is paid off and the majority portion of the monthly
installments is used to pay off the interest. Fixed rate loans can be 10,
15, 20 or 30 years of duration.
Unlike fixed rate loans, the interest rate on ARMs changes
from year to year. The most prevalent type of ARM is Hybrid
A hybrid ARM comprises the qualities of both Fixed Rate mortgages
and Adjustable Rate mortgages. In the initial years of a Hybrid ARM,
the interest remains fixed and starts changing only after a pre-specified
duration. Hybrid Mortgages can have anything from a three year to 10
year fixed rate interest period.
homebuyers. All Western Mortgage offers best interest rates on both these types of
mortgages. So, if you are on the hunt for mortgage purchase, call us on 702-850-2790
or visit our website – http://www.awmlending.com/ now.