Interest Rates
If you have a fixed-rate loan, the interest rate is set for the life of the loan. However,
many companies offer variable rate mortgages, also known as adjustable rate mortgages or
ARMs. These provide for periodic interest-rate adjustments. If your loan contract allows
the mortgage company to adjust or change the interest rate, be sure you understand when
the company has the right to change the interest rate, whether there are any limits on how
much the interest or payments can change, and how often the company can change the rate.
You
also should know what basis the company will use to determine a new rate of interest. |
2nd Mortgages
Home Equity Credit Lines
Length of Second Mortgage
Payment Calculations
Loan Costs
Interest Rates |
