A fun place to discuss equity loans
If you have been holding back on applying for a home mortgage, the recent drop in interest rates may mean that now is the time to act. If this is your first time buying a home, the different types of home mortgage on the market might be confusing. Here is a guide to the two most common types of home mortgage, fixed rate and adjustable rate mortgages. In a fixed rate mortgage, the interest rate and monthly payment amount never change, regardless of changes in federally set interest rates. Whatever rate you are given when you take out the loan, that is the rate you continue to pay until you refinance, sell the house, or pay off the home mortgage.