Types Of Mortgage Loans

There are many types of mortgage loans:

Fixed Rate Loans. This is the most commonly taken mortgage due to the fact that you know what the monthly repayment amount will be.

Most fixed rate mortgages last from 15 to 30 years. If you choose the 30 year mortgage, you will pay back a smaller amount each month but more interest will be added on to the loan amount.
With a fixed rate mortgage you should be able to pay it off sooner without any penalties.

Adjustable rate loans. With this mortgage your interest rate will be fixed for a pre chosen term. After this, the interest rate will be adjusted to the current market rates.
Example: a 3-1 mortgage offer is a fixed rate for the first 3 years and then it will be adjusted each year after that. The lenders are the people that adjust the interest rates.

Convertible mortgage loans. These loans will allow you to switch your mortgage to a fixed rate loan within a certain time, you can start off with a small mortgage rate and then lock it when the rate gets lower.
Balloon mortgage loans. These mortgages have interest only payments. In this case, you only pay back the interest on the mortgage, after the loan term you have to pay the remaining amount. This is very good if you want to start off paying a small amount and change your mortgage type later on down the line. Another advantage is that the interest only payment is taxable.

Warning: You may have to pay charges if you pay off a fixed rate loan early.

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