Archive for the ‘Mortgage Loan’ Category

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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

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