Fixed-rate Mortgage Types: This is the granddaddy of them all.Today you can choose from 5-year, 10-year, 15-year, 20-year-, 30-year, 40-year and even 50-year fixed-rate mortgages, all of which are completely amortized.; FHA Loans: fha mortgage loan types are insured by the government through mortgage insurance that is funded into the loan.
These mortgages are even more difficult to qualify for a require excellent credit. Fixed-Rate vs. Adjustable-Rate Mortgage (ARM) Most every type of home loan program will offer the option of a fixed-rate or an adjustable-rate mortgage. A fixed-rate mortgage will have the same interest rate for the life of the loan.
ARM rates continue to change periodically – usually once a year – until you sell, refinance, or pay back the mortgage in full. There are many types of ARMs, but they all share the variable-rate.
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Guide to Different Types of Mortgages | MoneySuperMarket – Tracker mortgage. The interest rate on a tracker mortgage is linked to the Bank of England base rate. So if the base rate changes, your mortgage rate will change. If the base rate was 0.50%, and you took a tracker mortgage with a rate that is 2% above the base rate you’d pay an interest rate of 2.50% .
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Fixed-rate vs. adjustable-rate mortgages The matter of fixed-rate versus adjustable-rate mortgages will come into play with nearly all types of mortgage programs. As the name suggests, a fixed-rate mortgage is one that maintains the same interest rate throughout the life of the loan.
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For homebuyers, there are three basic types of mortgage loan options: fixed-rate, adjustable-rate and interest-only jumbo. Here’s what to know about each loan type.