MORTGAGE LOAN PAGE
A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing.
Mortgage Loan Process
Mortgage down payment and monthly payment:
- interest rates
- points
- annual percentage rate (APR)
Mortgage loan types:
- Fixed Rate Mortgage (FRM)
- Adjustable Rate Mortgage (ARM) - An adjustable rate mortgage or variable rate mortgage is a loan secured on a property (house) whose interest rate and so monthly repayment vary over time.
- Interest-only Mortgage Loan - An interest-only mortgage loan is a loan in which for a set term the borrower pays only the interest on the capital; the capital remains owing.
- Jumbo Loans - A Jumbo Mortgage is a residential property mortgage which is at high risk of default when drawn down.
- Balloon Payment Mortgage - A balloon payment mortgage is a mortgage that has a final payment that is much larger than a regular payment.
Mortgage loan process:
- getting pre-qualified or pre-approved
- anticipating the total costs
- understanding the loan process
- closing the loan
