Mortgages have paved the way for people to realize their dreams of owning a house. Mortgages are also a viable option for people who already have a property and need cash for some other purpose. They can place their property as a security with the lender, in exchange for money.
Many types of mortgages are available to suit the specific needs of borrowers. Interest only mortgages, fixed rate mortgages, adjustable rate mortgages, balloon mortgages and reverse mortgages are some of the popular mortgages.
Interest only mortgage loans allow the borrowers to pay only the interest on the mortgage, as a part of their scheduled payments. This type is available for a fixed term that is usually from five to seven years. After the term gets over, borrowers have to begin paying off their principal as well.
A fixed rate mortgage is a type of mortgage where the monthly payments remain the same throughout the term of the loan, as they are provided at a fixed rate of interest. Adjustable rate mortgages or ARM?s offer an initial lower interest than the current market rates. For more info visit http://onlineloans.blog.com/
source:http://www.livepagerank.com
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