Types Of Mortgage Which One Is Right For You
So, you are planning to buy your perfect house or commercial property but don’t know what your options are in the mortgage department.
Well, there are tons to choose from and they are all tailored to your specific needs. If you have a great job and money isn’t an issue, you can make higher payments and possibly pay off your loan in as little as 10 to 15 years.
For many people though, they don’t have great jobs and need to best plan for their budget.
Most mortgages differ in just a few ways. They may require balloon payments up front or toward the end of the loan period or they might be influenced monthly by ever changing interest rates.
Fixed rate loans are very popular because you are guaranteed to have the same bill every month regardless of interest rates. If you are on a budget, this is a great option.
Adjustable rate loans differ from fixed rate as they fluctuate with current interest rates. Don’t worry though, they usually have a cap so you won’t be paying twice as much as the month before. The cap is usually just a couple percent.
These are just a couple of popular types of home loans. If you plan on getting a commercial loan, you will have many more mortgage types available.
Some of these have very low payments for the first year until your business is established and they they increase so you can pay them off quickly.
The best bet is to research the different types of loan you are interested in and discuss them with your broker.
Want to learn more? Check out "FINANCIAL FREEDOM: A Wealth Manual For The Middle Class" by Dr. Bryan Stoker free online at http://www.autopilot101.com/free/book_FF/index.htm
And don't miss more than 770 ways to slash your bills with our online home study course, "MONEY SECRETS". Check it out at http://www.autopilot101.com/free/book_MS/index.htm
More Articles
The Four Golden Rules Of Personal Finance
The Differences Between Debt Reduction And Credit Card Consolidation
Forecasting The Future Value Of Your Roth-IRA Or Roth-401(k)
Steps To Get Your Financial House In Order
5 Crucial Home Business Tips To Realize Financial Freedom
Is There Any Such Thing As Free Debt Consolidation?
Do-It-Yourself Financial Planning.
Related Products And FREE Videos
More Articles
5 Super Wealth-Building Tips Pave The Way To Financial Freedom
... bonds, etc.) If you plan to invest, be sure to diversify your investments. Choose only one or two high-risk investments and several "safer" investments such as mutual funds or bonds. Step 5: Stay focused on the Goal, not the Circumstances No matter what circumstances you find yourself in, keep your eyes on the wealth-building goal ahead. Even if sales are down in your business, don't stop dead in your ...
The Differences Between Debt Reduction And Credit Card Consolidation
... may find a lender who will reduce this amount to $600 more or less per month. Furthermore, if you land a loan that offers cash back, you can use this money to payoff your debts. Finally, utilities can be reserved and grocery bills can be reduced. In addition, insurance coverage can also be reduced. Therefore, debt reduction is wiser than credit card debt consolidation in the long run. Want to learn ...
Do-It-Yourself Financial Planning.
... get out of it of if you are simply looking for a way to keep a little more spending money aside each month, the simpler you make your planning the better the result you will get. From the beginning, you need to be realistic. Ill start with the example of a single income situation, firstly you need to calculate what your net pay is per month. If youre self employed or not on a regular pay, always calculate ...
The Budget – The Ultimate Financial Management Tool
... overlooked altogether. Rocket Scientists would never begin construction on a new booster rocket without a detailed set of design specifications. Yet most of us go blindly out into the world without an inkling of an idea about finances and without any plan at all. Not very smart of us, is it? A money plan is called a budget and it is crucial to get us to our desired financial goals. Without a plan we ...
... you answer yes to. 1. Are you using more and more of your income to pay your debts? 2. Do you make only the minimum payments due on your loans and credit cards each month? 3. Are you near, at, or over the credit limit on your credit cards? 4. Are you paying your bills with money intended for other things? 5. Are you borrowing money or using credit cards to pay for things you used to buy with cash? 6. ...