March 15, 2015

Several Types Of Mortgage Loans

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There are lots of types of mortgage loans available that provide different features. Some commonly used loans are available depending on the features like number of mortgage loan, the duration for the loan borrowed as well as the amount of principle and interest.

Most common types of loan are fixed rate loans and adjustable rate loans. Apart from all these loans there are a few more loans which are certainly not commonly in use but they serve to the needs of different individuals.  You can head to http://ritemortgages.co.uk/ for online mortgage advice.

Biweekly Loans are considered one of uncommon mortgage loans which differ with respect to paying interest. Rate of interest is paid weekly rather then monthly. This is the convenient loan with the borrowers who prefer to pay for interest rate every week rather than every month.

Jumbo Mortgage Loan which might also be called Confirming Mortgage Loan or Conventional Mortgage loan is a home loan that has higher rate as compared to other loans which will be paid every month. Under balloon home loans, borrowers can pay low interest rate with a huge amount every month for a certain period of time.

People who wish to build their home can apply for construction loans. 2-step Loans are the blend of both fixed rate loans and also adjustable rate mortgage lending options. In this type of loan the rate may be fixed for 3, 5 or 7 years and after that duration borrower could pay adjustable rate.

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