There are many options when it comes to home mortgage finance. The mortgage lender will explain in detail about the working of each and every program and get it in writing.
Some of them are listed under:
Conventional fixed rate 30 year home mortgage program:
This finance option is a very old one, but it is still popular among home mortgage finance options. The borrower is able to purchase the home and repay the loan with interest over a period of 30 years time. The interest rate of this loan is fixed and it remains the same from the commencement of the agreed period of time of the mortgage till the last repayment.
Conventional fixed interest rate home mortgage for 15 years:
This also works the same way as the 30-year fixed interest rate home mortgage, but the entire amount is to be repaid within 15 years time. This option can save significant amount as the bank usually gives a deduction of the interest rate by or point.
Adjustable interest rate home mortgages:
This home mortgage is for 15 or 30 years time. This option might be very appealing as the interest rates are very low. But the catch is that the...
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