There are many mortgage loans types available including:
• 30 year fixed, interest only
• 40 year loans
• 50 year loans
• Interest only loans
• Minimum payment loans
30 Year Fixed Loan
This is a type of loan that has been available for many years. Although the interest rate on this loan tends to be higher as compared with other loans .Many of the borrowers choose this loan to keep a predictable interest rate and monthly payment. This loan offers the borrower the stability of a 30 year fixed loan with the lower payments of an interest only loan.
40 Year Mortgage Loan
This is a relatively new type of mortgage loan. The longer loan term of a 40 year loan makes for a smaller monthly payment for lender that one can easily pay.
50 Year Mortgage Loan
This is a very new loan option. The longer payback term means a borrower gets a much lower payment than a 30 years payment. Do use a free online mortgage calculator to calculate your payment.
Interest Only Mortgage Loan
This is a type of mortgage loan that offers a borrower the ability to make an interest only payment. This is a lowest payment than any other regular mortgage payment.
Minimum Payment Option Mortgage Loan
This is type of mortgage loan offers a borrower the opportunity to pay less than an interest only payment. This comes among the lowest possible payments a borrower can make.
Hi,
ReplyDeleteObtaining a mortgage loans with bad credit is subject to predatory lending. Lenders know that out of all the borrowers, those with bad credit will be the most desperate- and therefore more likely to submit to less fair rules of play. This puts new meaning to the act of scanning contracts with care, since lenders may try to impose unfair rules of agreement onto the borrower. In most cases, the borrower may not even have a choice.