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Mortgage Loan

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There are a number of mortgage loan options in the market with scope for further adjustments in the schemes to suit individual borrower needs.

Fixed rate mortgages

In this case the rates of interest are fixed throughout the term of the contract. The interest rate also is not affected by rise or fall in the bank lending rates.

Adjustable Rate Mortgage (ARM)

In adjustable mortgage rate the interest rate varies according to the changes in the bank rates, though in the initial period the interest rates remain the same.

Convertible mortgage loans

These are primarily ARM loans with the option to convert to a fixed-rate loan at or before a specified time, starting with a low variable rate, then locking in when fixed rates drop very low.

Flexible Payment ARM

Under this the interest rates are initially very low but continue to rise dramatically over time by monthly adjustments.

Balloon Mortgage

Balloon mortgage, like the shape of the balloon, is a 30-year fixed mortgage which requires a large final payment at the end of every 5, 7 or 10 years. Balloon loans often require only interest payment and the entire loan amount is payable at the end of the term of the loan.

Biweekly and Weekly Payment Mortgage require payments to be made every two weeks and help save money by reducing the term of the loan

Bimonthly Mortgages have to be paid every two months and reduces a 30-year mortgage to 29 years and 11 months.

FHA Mortgage is insured by the Federal Housing Administration and assures the lender of payment in case there is a default by the borrower. FHA loans also attract very low 3-5% interest.

FRM

Under the FRM mortgage the interest rate remains same over the entire period of the loan and is called a "level-payment fully amortizing FRM. " FRM terms vary from 10 years to 40 years, though 15 to 40 years are most popular.

Mortgage interests

Mortgage interests are worked out by how much one is willing to pay each month. Under a discount rate scheme a buyer can pay reduced interest amount for a certain period fixed. Ideal for first time buyers and those who require funds to improve houses.

A fixed rate ensures one rate for a fixed period of time. The variable rate fluctuates around the base rate and under the capped rate the interest is not allowed to rise above a certain level for a fixed period of time.

Mortgage Insurance

With mortgage insurance it is possible to reduce down payment on a home, with some lenders willing to forgo down payments altogether.

Mortgage insurance cost is determined by:

  • the amount of loan taken
  • down payment percentage
  • nature of mortgage insurance purchased
  • credit score
  • the loan-to-value ratio (LTV)
  • the occupancy details (whether a second home, primary residence or an investment property)
  • support documentation for obtaining loan