Mortgage Types
A mortgage is a method of using property (real or personal) as security for the payment of a debt.
The term mortgage refers to the legal device used in securing the property, but it is also commonly used to refer to the debt secured by the mortgage.
Types of Mortgage Loans
Fixed rate mortgage (FRM)
Adjustable rate mortgage (ARM).
Balloon mortgage
Equity loan
Reverse mortgage
Term loan or Interest-only loan
No Closing Cost Mortgage
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