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| What's the difference? |
What's the difference?
30 year mortgages - Mortages that last 30 years
15 year morgages - Mortages that last 15 years. Will have a lower interest rate compared to the 30 year.
80/20 mortgage plans - 1 mortgage split into 2. The 2nd mortgage has a higher interest rate and this plan will help avoid having a PMI.
ARMS - Mortgage with lower interest rates than most that will give you 1 interest rate for a set # of years (1 year, 3 year, 5 year), then changes according to the market (more likely goes up). This is good if you are only going to be in a home for a couple of years.
Interest only loand - Mortgages that have you pay only the interest for early in the loan to help keep your monthly mortgage payment down. The problem is that you never pay anything off of your loan until later which will cost you more money in the long run.
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