Types of mortgages
There are different options available in choosing a loan, most of
which depends on what is best for you, the borrower. Repayment terms can be
extended or shortened and interest rates depend on the type of loan you choose.
Many homeowners and home shoppers look for financing based just on the lowest
rate, but rate is only one part to consider.
Fixed-Rate
Fixed-rate mortgages have a fixed interest rate and monthly payments throughout
the life of the loan, thus the name. The amount you pay will never change,
no matter how the prime rate (from which interest rates are established)
changes.
Adustable-Rate
Adjustable-rate mortgages are not set in stone and the monthly payment
and interest rate may change at different times based on the prime rate.
If the prime rate goes up or down, so will your the interest you pay and
your monthly payments.
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Neighborhood Funding offers multiple packages
and options perfectly suited to your needs
