Borrowing Advice | BorrowingAdvice.com » mortgage types http://borrowingadvice.com Your Source for Borrowing Advice Tue, 31 Jan 2012 15:16:22 +0000 en hourly 1 http://wordpress.org/?v=3.0.4 Mortgage Basics http://borrowingadvice.com/mortgage-basics/ http://borrowingadvice.com/mortgage-basics/#comments Fri, 27 Mar 2009 15:42:58 +0000 admin http://borrowingadvice.com/?p=178

With mortgage rates dropping these days due to the variety of stimulus programs you need to know about the different types of mortgages that are available. Here is a quick summary of mortgage types. 1. Fixed rate mortgage - This is a mortgage where monthly payments remain the same throughout the entire term of the loan. Note that there are many types of fixed rate mortgages: ten year, fifteen year and thirty year. Generally the longer term that the mortgage is i.e. thirty years, the lower the monthly payment will be. Fifteen year mortgages, on the other hand, help...

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