Welcome to Mortgage Loans Guide
3rd Mortgage Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Different Kinds of Mortgage Loans
from: Mortage & Debt FactsA lot of people often take out mortgage loans to help them pay for houses that they wish to own. While the primary use of a mortgage loan is indeed to help with the payment of a house, there are other reasons why people take out these loans.
There are a few distinct types of mortgage loans for different uses, needs and situations. Here are some of the more common types of mortgage loans and what you can expect of them.
Fixed Rate Mortgages
This is the most common among mortgage loans available to borrowers. With this kind of mortgage, the lender and the borrower will agree on a fixed monthly rate, interest included, which is to be paid over a certain period of time.
The advantage of choosing this kind of mortgage loan is that you don't have to worry about fluctuating interest rates and the rise and fall of the real estate market. However, some people do not find this kind of mortgage loan appealing, because the interest rate is usually pretty high compared to other types of mortgage loans.
Another concern that people have with this kind of mortgage is that they cannot benefit from falling interest rates because the rate is fixed. Fixed rate mortgage loans are ideal for those who do not wish to go through the hassle of having to compute their payments every month.
Adjustable Rate Mortgage or ARM
When you talk about Adjustable Rate Mortgage, you are essentially talking about mortgage loans that rise and fall with the real estate market.
This kind of mortgage loan can be beneficial to the borrower when interest rates fall, but it can also be a problem if the real estate situation in your area show signs of going up. Adjustable rate mortgage loans are a good option for those who are living in areas that are showing decline in interest rates, as well as those who are seeing a rise in their incomes. One reason why people choose this kind of loan is because the initial interest rate is usually lower compared to other types of mortgage loans.
Balloon Mortgage
The term “balloon” refers to a large amount of payment that is made towards a mortgage loan. The balloon mortgage loan is the ideal option if you want to shorten the repayment period for your loan. This type of loan actually works like a fixed rate loan in the beginning, but it requires you to pay off the balance in a large sum at the end of the loan term.
3rd Mortgage Loans Specific links
3rd Mortgage Loans News
Bankrate: Mortgage Rates Set 3rd New Record in a Row - MarketWatch (press release)
 USA TODAY | Bankrate: Mortgage Rates Set 3rd New Record in a Row MarketWatch (press release) The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200000 loan would have carried a monthly payment of $1241.86. With the average rate now 4.02 percent, ... New Record Low Set by Falling Fixed Mortgage Rates, According to ... Mortgage Rates at Record Lows for a Second Week |
Foreclosures: Illinois 3rd Despite National Improvement - HispanicBusiness.com
Foreclosures: Illinois 3rd Despite National Improvement HispanicBusiness.com Almost 7.5 percent of all one-to-four-unit mortgage loans in Illinois were in foreclosure in the first quarter, compared with a national average of 4.39 percent, according to data released Wednesday by the Mortgage Bankers Association. |
3rd week of record low mortgage rates - OCRegister
 USA TODAY | 3rd week of record low mortgage rates OCRegister APPLICATION NEWS SUMMARY: Mortgage Bankers Association weekly survey indicates a whopping 9.2 percent increase of home loan applications from the previous week. Of that surging loan volume, refinancers increased to nearly 75 percent of total ... News Summary: US rates on 30-year, 15-year mortgages set record lows for 3rd ... Freddie Mac: Fixed Mortgage Rates Hit Record Lows For 3rd Straight Week Mortgage rates hit new low for 3rd week in row |
Attempt to sell leads homeowner to mortgage nightmare - ksl.com
 ksl.com | Attempt to sell leads homeowner to mortgage nightmare ksl.com When she contacted her mortgage lender, Chase Bank, she says a representative told her the bank had no record of a sale. "I don't even want to hear the word bizarre anymore, because everybody I talk to uses the word bizarre," Clotfelter said. |
Mortgage Rates Reach Record Lows for 3rd Straight Week - AOL Real Estate (blog)
 International Business Times | Mortgage Rates Reach Record Lows for 3rd Straight Week AOL Real Estate (blog) Mortgage buyer Freddie Mac says the rate on the 30-year loan dipped to 3.79 percent. That's down from 3.83 percent last week and the lowest since long-term mortgages began in the 1950s. The 15-year mortgage, a popular option for refinancing, ... US Mortgage Rates Hit Record Low For 3rd Straight Week: Freddie Mac |