Borrower
Types of Mortgages
There are actually different types of mortgages for which you may qualify and these differences will affect your payments, interest paid over the life of the loan, and so on.
Adjustable Rate Mortgage (ARM).
The interest rate of an ARM adjusts periodically over the life of the loan based on the mortgage agreement. The adjustment happens according to a schedule set out in the mortgage agreement, such as after one year, after five years, and so on.
Fixed Rate mortgage.
For a fixed rate ... Read More »