If you have been a mortgage loan buyer before or it’s first time that you’re going to shop for mortgage loan, you must have heard about different types of mortgage loans. Fixed rate mortgage loan is one such type that you might be interested in. A fixed loan rate remains unchanged right through the life of mortgage. The payments you make remain the same every month. This helps in making you organize your budget accordingly, giving you less worries. This loan is the safest kind of mortgage loans. A fixed rate loan involves the following:
• 30 Year Fixed Rate Mortgages (360 Installments)
• 15 Year Fixed Rate Mortgages (180 Installments)
• Biweekly Mortgages
• Convertible Mortgages
The traditional fixed loan rate may still be the best mortgage for your situation. One benefit of fixed loans is that you have to pay lower monthly payments, while providing for an unchanging monthly payment schedule. Many lenders may also offer 25, 20, to about 40 year term mortgages. But this can end you up paying more interest rate than usual.
You can use mortgage loan calculator, mortgage payment calculator and refinance mortgage calculator at All Financial Services to estimate your affordability and so you can better decide what type of mortgage loan you should go for.
Monday, August 31, 2009
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