What is a Mortgage Loan?
Nothing beats the feeling of coming home to your own space - where comfort and security abide and your loved ones holding you in an atmosphere of belonging. That is why many Americans equate owning a home with the definition of success. But like any other lofty goal, it is not always easy.
In this endeavor, a mortgage loan could be the first step towards turning your dream of owning a home into reality. A mortgage loan is money that a lender lends to a borrower to finance the purchase of a real estate property. They are secured loans and uses the homes or properties as the collateral for the loan.
Learn more on how you can start your process of acquiring a mortgage loan that fits your needs.
Find the Type that’s Right for You
There are various kinds of mortgage loans. Know more about each type to find out which suits you best according to your needs.
Fixed Rate Mortgages
Fixed rate mortgages are mortgage loans that offer the same interest rate throughout the life of the loan. They account for the majority of loans availed by borrowers. The most common loan terms are 10 years, 15 years, and 30 years.
Adjustable Rate Mortgages
Mortgage rates that change interest rate after a fixed period are called adjustable rate mortgages. They are way riskier since the rates may bounce to unpredictable extremes. However the interest rates offered are lower compared to fixed-rate mortgages to compensate for this risk.
Mortgage Loan Calculators
Use this calculator to get a quick estimate of your personal loan payment. Simply fill out the fields accordingly.