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Mortgage Loans

May 29, 2008  |  Difficulty: Easy

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Mortgage loans are used to get your desired place of residence. These loans are different than any other type of loan that you will get during your lifetime.

Usually, mortgage loans are for a set amount of time, less than 10 years. The loans are set with an interest rate that will be in place during the entire course of the loan. In the case of most loans, you are able to pay off the remaining balance, in full, at any time. However, there may be a penalty for doing this, depending on your contract with the lender.

Most of us will be familiar with the terms that are within a mortgage loan, because some aspects are similar to the loans that we use to purchase a car.

With mortgage loans however, the time span and interest rates are determined separately. Here are the terms you should know:
  • Amortization- span of time it will take to pay the loan back in full.
  • Term- time period that covers your present mortgage contract. This is the length of time that you have a locked-in interest rate and a designated amount for your monthly payment.
  • Fixed and Variable- this means that your interest rate can stay the same year-to year (fixed), or can frequently change (variable).

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