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Brian Mengel,
Civil Servant
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Mortgages are described by their terms, such as the time frame for repayment and whether the interest rate is fixed or adjustable.
Mortgage rates are generally higher than the prime rate, but exceptions occur at times.
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John Fielding,
CEO
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Low mortgage rates are the main reason the market has held up so well even as consumer confidence sagged and a slide in the stock market made people feel less wealthy.
Capped Rate Mortgages This is a cross between a fixed rate mortgage and a variable rate mortgage.
Capped rate mortgages enable you to place a limit on your monthly commitment and still benefit from falls in interest rate.
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Mike Enlow,
Internet Marketer
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Adjustable Rate Mortgages These loans begin with an interest rate that is lower than a comparable fixed rate mortgage, but the rate changes at specified intervals.
Fixed rate mortgages are the most common type of home mortgage loan where your monthly payments for interest and principal never change.
Fixed Rate Mortgages offer the advantage of having the same rate for the life of the loan which means your monthly principal and interest payments will never change.
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Dan Toomey,
Computer Salesman
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Adjustable rate mortgages have been on most bank and S and L menus for more than a decade.
Adjustable Rate Mortgages are for a 30 year term.
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Craig Leveaux,
Blogger
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Adjustable rate mortgages come with adjustment caps, giving you the security of knowing that your rate can never go above a certain level.
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Bob Greenberg,
Congressional Candidate
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Mortgage rates are poised to fall even further in the near term due to uncertainty associated with terrorists' actions this week.
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