Mortgage
Types of Mortgages
In today’s market, there are numerous types of mortgage loans that consumers can use to obtain financing for a home purchase. Let’s take a closer look at each.
Fixed Rate Mortgage. This is the traditional form of mortgage. It offers the consumer a fixed interest rate and fixed monthly payments for the life of the loan, [...]
Reverse Mortgage
A reverse mortgage (also called a reverse annuity mortgage or reverse amortization mortgage) is a form of home equity loan. It is generally reserved for homeowners aged 62 years or older who have a substantial amount of equity in their house. It is called a reverse mortgage because the homeowner receives monthly payments from the [...]
Mortgage Refinancing
It has become increasingly common for homeowners to replace their existing mortgage loan with a new mortgage. This is known as mortgage refinancing. Most homeowners refinance to take advantage of a current interest rate that is lower than the interest rate on their original loan, but refinancing also allows the homeowner the ability [...]
