Basics There are many loan types available at 100% financing, including:
- 30 year fixed
- 30 year fixed, interest only
- 40 year loans
- 50 year loans
- Interest only loans
- Minimum payment loans
30 Year Fixed Loan This is the classic loan that has been available
for many years. Although the interest rate on this loan tends to be
higher than other loans (and the monthly payment higher), many borrowers
choose this loan to keep a predictable interest rate and monthly
payment. 30 Year Fixed Loan, Interest Only This is the classic 30 year
fixed loan with the ability to make interest only payments for the
entire 30 years of the loan. It offers the borrower the stability of a
30 year fixed loan with the lower payments of an interest only loan.
40 Year Mortgage Loan This is a relatively new loan. The longer loan term of a 40 year loan makes for a smaller monthly payment.
In a generally rising interest rate environment this is one option to get a lower payment.
50
Year Mortgage Loan This is an ever newer loan option. The longer
payback term means a borrower gets a much lower payment than a 30 year
payment. Use a free online mortgage calculator to calculate your
payment.
Interest Only Mortgage Loan This is a mortgage loan that
offers a borrower the ability to make an interest only payment. This is a
lower payment than a regular mortgage payment because no principal was
being paid off.
A loan can have an interest only option for several years. It can be interest only for 5 years, 10 years, or another term.
Minimum
Payment Option Mortgage Loan This is type of loan offers a borrower the
opportunity to pay less than an interest only payment.
This type of loan is among the lowest possible payments a borrower can make.
These loans offer a minimum payment rate, which can be at 1%, 2%, or some other defined level.
The minimum payments are usually for a set period, such as 3 years or 5 years.
A
minimum payment adds to the principal balance on your loan. Any
difference between the interest only payment level and the minimum
payment is added onto the principal. For many borrowers this is
acceptable.
100% Mortgage Loans - All Your Loan Options
![100% Mortgage Loans - All Your Loan Options]()
Reviewed by SATYATARUNA WOTAN
Published :
Rating : 4.5
Published :
Rating : 4.5
No comments:
Post a Comment