Mortgage is an agreement or deal in which borrower uses his property for securing his loan. More clearly in words, the agreement explains that while buying a house you sign an agreement which says that your lender has extreme rights for taking action against you if you fail in paying the required payment to him. In which the bank can seal your home by taking it in foreclosure, making you move out of the house forcibly.
Mortgage home loans is given by banks, mortgage companies or other financial institutions for the purpose of buying a residing place. Mortgage home loans provides either permanent or floating interest rates, which is paid by the borrower monthly along with the interest. The process of paying off the mortgage amount is called amortization.
Right mortgage rates can be found by:
- Comparing rates
- Get a quote
- Apply mortgage with the bank you have selected.
30 year fixed mortgage rate: interest rate= 4.49%
15 year fixed mortgage rate: interest rate= 3.68%
30 year FHA mortgage rate: interest rate= 3.97%
20 year fixed mortgage rate: interest rate= 4.46%
There are different kinds of mortgage:
- Fixed-rate mortgage
- Adjustable-rate mortgage
- Conventional mortgage
- Jumbo mortgage
- FHA loans
- VA loans
- USDA loans
- Government-insured loans