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.