Mortgage Loans Made Easy
A mortgage is a loan used either to purchase or secure against a property. Generally, mortgages are structured as long-term loans broken into a series of periodic payments; payment periods are usually anywhere between 10-30 years.
Features of mortgage loans that vary include:
- Size of the loan
- Maturation of the loan
- Date the loan must be paid in full by
- Interest rates
- Rate of interest charged for borrowing money
- Method of payment
- Cash, check or online
- Payment Period
- Time period required for repayment of a loan in fixed installments at regular intervals such as monthly, quarterly or semi-annually
Typical mortgage loans offered to home owners include: fixed rate mortgage (FRM), adjustable mortgage (ARM) and jumbo mortgage loans.