Mortgage- the word baffles people when they think about borrowing money. Though it is a very simple procedure, but it is apparently complicated as our home is attached to this term. Through this article the reader will able to get some idea about mortgage.
Normally, mortgage is a legal agreement between borrowers and lenders. With mortgage a borrower can borrow money from any loan lending organization and give them the right to repossess his property, used as guarantee, if he fails to pay-off the loan amount.
There are various forms of mortgage. One can choose any of these forms according to his/her needs and demands. Different mortgages are-
Fixed rate mortgage
Variable rate mortgage
Balloon rate mortgage
A fixed rate mortgage is availed at a fixed rate during the mortgage period. With this kind of mortgage, you have to pay a fixed monthly payment in a fixed period of time. So, in future, whether interest rate rise or fall, your monthly payment will be fixed. And for this reason this mortgage is more popular. The repayment period of fixed rate mortgage vary from 3 years to 25 years.
Whereas, a variable rate of mortgage has...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
