Mortgage Loans - How to Choose the Best Mortgage Loan

Before we start discussing which mortgage loan is right for you, we must understand the different types of mortgage loans available, how they work, and who they fit. These loans are your most common mortgage loans; they can come in many term lengths ranging from 5-40 years and are the simplest to understand. Monthly payments are based on the repayment term length. There are no surprises because your payment and interest rate are fixed. These loans are usually in the format of term length followed by the word "fixed." For example: 15yr fixed...