Real Estate Services Today, Inc.
Types of loans
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Types of loans
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Loans can have a fixed interest rate or a variable interest rate. Fixed rate loans have the same principal and interest payments during the loan term. Variable rate loans can have any one of a number of Indexes and margins which determine how and when the rate and payment amount change. If you apply for a variable rate loan, also known as an adjustable rate mortgage (ARM), a disclosure and booklet required by the Truth in Lending Act will further describe the ARM. Most loans can be repaid over a term of 30 years or less. Most loans have equal monthly payments. The amounts can change from time to time on a ARM depending on changes in the interest rate. Some loans have short terms and a large final payment called a "balloon." You should shop for the type of home mortgage loan terms that best suit your needs.
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Contact : Kathy Stanley 571 W Eads Parkway, Lawrenceburg, Indiana 47025 Telephone: (812) 539-3450 or (812) 539-3448 Cell (513) 560-2005 or Fax: (812) 539-3480 Send Email to
kathy@realestateservicestoday.com
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