Posted on: 23rd Mar, 2012 08:10 am
There are many Kinds of Mortgage available now-a-days some of are as under :
1) Multiple term Mortgages
2) Fixed term Mortgages
3) Open Mortgages
4) Close Mortgages
5) First Mortgages
6) Equity Mortgages
7) Variable rate Mortgages
8) Combine interest Mortgages
Multiple term Mortgages:
Suppose, you wanted lower rates of short term mortgage and also wanted the security of a long term then why can we not choose both? Yes, we can choose our built mortgage product. You can divide you mortgage in to as many five parts, all having different stipulate, rates and amortization but one total monthly payment.
Fixed term Mortgages:
It is one type of mortgage loan which is developed by Federal Housing Administration. It is characterized by their interest rate.
Open Mortgages:
An open mortgage is a kind of mortgage that can allow the borrower to pay off the loan balance before maturity without paying any additional charges. Mortgage that has matured or is open to foreclosure due to non-payment. In general, lenders do not like open mortgages because the early payoff reduces the interest they earn.
Close Mortgages:
Closed Mortgage are mortgage agreements in which the full repayment of the loan cannot be made prior to the maturity date of the mortgages.
First Mortgages:
A mortgage in a first lien position on the property that secures the mortgage. The mortgage that has first claim in the event of a default.
Equity Mortgages:
A mortgage in which a lender offers a favorable interest rate in exchange for a portion of the profits when the borrower sells the home.
Variable rate Mortgages:
A variable-rate mortgage, also commonly referred to as an adjustable-rate mortgage or a floating-rate mortgage, is a loan in which the rate of interest is subject to change. Variable-rate Mortgage usually start with better rates than fixed rate mortgages, in order to compensate the borrower for the additional risk that future interest rate fluctuations will create.
Combine interest Mortgages:
This type of mortgage is most common with people who already have an investment product arranged prior to taking out the mortgage and want to use this to help reduce the additional cost of taking out the mortgage.
If you have more information and ideas about these types of mortgages then discuss it here.
1) Multiple term Mortgages
2) Fixed term Mortgages
3) Open Mortgages
4) Close Mortgages
5) First Mortgages
6) Equity Mortgages
7) Variable rate Mortgages
8) Combine interest Mortgages
Multiple term Mortgages:
Suppose, you wanted lower rates of short term mortgage and also wanted the security of a long term then why can we not choose both? Yes, we can choose our built mortgage product. You can divide you mortgage in to as many five parts, all having different stipulate, rates and amortization but one total monthly payment.
Fixed term Mortgages:
It is one type of mortgage loan which is developed by Federal Housing Administration. It is characterized by their interest rate.
Open Mortgages:
An open mortgage is a kind of mortgage that can allow the borrower to pay off the loan balance before maturity without paying any additional charges. Mortgage that has matured or is open to foreclosure due to non-payment. In general, lenders do not like open mortgages because the early payoff reduces the interest they earn.
Close Mortgages:
Closed Mortgage are mortgage agreements in which the full repayment of the loan cannot be made prior to the maturity date of the mortgages.
First Mortgages:
A mortgage in a first lien position on the property that secures the mortgage. The mortgage that has first claim in the event of a default.
Equity Mortgages:
A mortgage in which a lender offers a favorable interest rate in exchange for a portion of the profits when the borrower sells the home.
Variable rate Mortgages:
A variable-rate mortgage, also commonly referred to as an adjustable-rate mortgage or a floating-rate mortgage, is a loan in which the rate of interest is subject to change. Variable-rate Mortgage usually start with better rates than fixed rate mortgages, in order to compensate the borrower for the additional risk that future interest rate fluctuations will create.
Combine interest Mortgages:
This type of mortgage is most common with people who already have an investment product arranged prior to taking out the mortgage and want to use this to help reduce the additional cost of taking out the mortgage.
If you have more information and ideas about these types of mortgages then discuss it here.
Hi pratikjajalstp,
You can even check out the given page in order to know more about types of mortgages: http://www.mortgagefit.com/loan-programs.html .
Thanks
You can even check out the given page in order to know more about types of mortgages: http://www.mortgagefit.com/loan-programs.html .
Thanks
Welcome pratikjajalstp,
Apart from the types that you have mentioned, depending upon who is giving the loan, you can divide it into various other types: conventional loan, FHA mortgage, VA loan, USDA mortgage, etc.
Thanks
Apart from the types that you have mentioned, depending upon who is giving the loan, you can divide it into various other types: conventional loan, FHA mortgage, VA loan, USDA mortgage, etc.
Thanks
Yaa Mr. jameshogg you are right but I have mentioned which I have faced.
Now-a-days there are many types of mortgage are available in the market but it depends on the buyer that which type of mortgage they want to buy.
am i right Mr. jameshogg ?
Now-a-days there are many types of mortgage are available in the market but it depends on the buyer that which type of mortgage they want to buy.
am i right Mr. jameshogg ?
No one ever said that you're wrong!!