Mortgage Loan Information : Learn the basics at the time of purchase a home

Are you looking for a new home? Have you knowledge on all types of home mortgage loan?Please look to the following topics of mortgage loans.

1. Fixed -Rate Home Loan Mortgage -

It is a type of home loan where you borrow a certain amount of money for a fixed period with a fixed rate of interest.Then you have to pay installments per months .It is a benefit that you can make an easily budget for the payment of your loan.

2. Adjustable-rate home loan Mortgage

It is a type of loan where the interest rate is not fixed . It is adjustable and the interest rate varies as per the terms of loan.

3) Hybrid Home loan Mortgage:

It is the combination of both fixed rate and Adjustable-rate of Mortgage . The interest rate is fixed for a period of time. After that it converts to ARM.

4) Balloon Mortgage:

It is a short term loan ( 3 - 7 years).According to this the borrower will pay a regular amount of payment of principal.

If you have a dream to purchase a home. So it depends upon you to decide what is best for you and what is not .

If you are applying for purchase mortgage then please check the criteria of purchase mortgage , If you are eligible as per the criteria then you can built a dream home with the purchase mortgage.