The word mortgage has been derived from a French word mort meaning death that means agreement until death. Mortgage loan refers to a loan secured by residential property and often used for a purpose to lock a real estate. Mortgage refers to a pledge to repay the loan borrowed from a financial institution. These types of loans are available at a lower price as compared to other types of loans because the value of property risk for the lender.
In the present market there are a variety of mortgage loans available, to choose the best amongst so many is difficult, but a comparative study of a few most common and popular types loan are as follows:
∑ Fixed Mortgage Loan this is the most widespread and popular loan where the interest rate remains fixed throughout the tenure of the loan.
∑ Variable Rate Mortgage these types of loan will have a fluctuation throughout the life of loan.
∑ Adjustable Rate Mortgage this loan has a unstable rate of interest where interest payments depends upon the high or low rates of interest prevailing in the market, i.e. when rates are low borrowers pay less whereas when rates are high they pay more....
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