Types of Mortgage Loans

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All Western Mortgage

• Types of Mortgage Loans for Potential Homeowners

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• When it comes to buying a house, taking a
  mortgage is inevitable for most homebuyers.
  Earlier from 2000 to late 2008, during the boom
  of real estate industry, buyers had exotic loan
  options to choose from as lenders were offering
  great loans at risky terms. However since then,
  lenders have returned to the safe environment of
  home financing.

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• Nowadays, there are majorly two types of mortgage
  loans that conventional buyers can choose from.
  They are as follows

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• 1) Fixed Rate Mortgage

As the name suggests, with a fixed rate mortgage,
your rate of interest on the loan remains fixed
throughout the term of your loan and the
repayment is split into monthly installments for
the entire duration regardless of its length.
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• 1) Fixed Rate Mortgage

During the initial years of this type of loan,
only a small amount of principal amount is paid
off and the majority portion of the monthly
installments is used to pay off the interest.
Fixed rate loans can be 10, 15, 20 or 30 years of
duration.
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• 2) Adjustable Rate Mortgage Loans (ARMs)

Unlike fixed rate loans, the interest rate on
ARMs changes from year to year. The most
prevalent type of ARM is Hybrid ARMs.
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• 2) Adjustable Rate Mortgage Loans (ARMs)

A hybrid ARM comprises the qualities of both
Fixed Rate mortgages and Adjustable Rate
mortgages. In the initial years of a Hybrid ARM,
the interest remains fixed and starts changing
only after a pre-specified duration. Hybrid
Mortgages can have anything from a three year to
10 year fixed rate interest period.
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These are the two types of mortgage loans that
are most common with potential homebuyers. All
Western Mortgage offers best interest rates on
both these types of mortgages. So, if you are on
the hunt for mortgage purchase, call us on
702-850-2790 or visit our website
http//www.awmlending.com/ now.
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Contact Us All Western Mortgage

• Address8345 W Sunset Rd
• Suite 380 Las Vegas, NV  89113
• Phone [phone]
• Corporate 702-369-0905
• Fax [phone]
• E-mail info_at_awmlending.com
• Website
• http//www.awmlending.com/