Posted on: 26th Jun, 2007 10:52 pm
basics of mortgage,types and rules for banks?
Hi Sqolikere,
Mortgage loan is a loan taken against your home keeping the latter as the collateral.
Broadly speaking, there are basically two types of mortgages - fixed and adjustable rate loans. and, as far as bank rules are concerned, these vary from one bank to another.
Mortgage loan is a loan taken against your home keeping the latter as the collateral.
Broadly speaking, there are basically two types of mortgages - fixed and adjustable rate loans. and, as far as bank rules are concerned, these vary from one bank to another.
Welcome Sgolikere,
If you wish to get a mortgage loan, its better that you get some idea about the basics - how it works and who provides for such a loan. There are different types also. Mac has given you an idea about the basic types but if you wish to know more on it, then refer to the section on Different types of loan programs.
If you wish to get a mortgage loan, its better that you get some idea about the basics - how it works and who provides for such a loan. There are different types also. Mac has given you an idea about the basic types but if you wish to know more on it, then refer to the section on Different types of loan programs.
Hi Sqolikere,
Fixed rate mortgage and adjustable rate mortgage are the two basic types of mortgage. But there are various forms of fixed and adjustable rate loan. What you need is to shop around with a lender and consult with him regarding the loan rates and costs. Also try to calculate the payments towards the principal and the interest which you will have to pay for each month .And regarding the bank rules, it varies from one bank to another.
Fixed rate mortgage and adjustable rate mortgage are the two basic types of mortgage. But there are various forms of fixed and adjustable rate loan. What you need is to shop around with a lender and consult with him regarding the loan rates and costs. Also try to calculate the payments towards the principal and the interest which you will have to pay for each month .And regarding the bank rules, it varies from one bank to another.
sgolikere are you in the process of purchasing your house? apart from reading the page adonis mentioned in his post give us few other details about yourself. We will try to give you an idea of what type of loan will be most suitable for you based on your profile.
Miller
Miller