Understanding Mortgage LoansA mortgage loan is a loan secured by real estate which for most borrowers is their home. Standard mortgage loans are often a fixed rate loan with fixed monthly payments but they can also have an adjustable rate and payment. Another type of mortgage loan is a home equity loan (HELOC) which is an open-end loan or revolving loan like a credit card. The interest rate and monthly payments for mortgage loans are significantly less than other types of loans due to the value of your home as collateral and the long repayment term of 15 to 30 years. Since you home is given as security for this type of loan you need to make sure you can comfortable make the payments. The terms, interest rate, and fees for mortgage loans can vary greatly as with other types of loans. This "Mortgage Loan" brochure will help you understand the terms and conditions of a mortgage loan and help you determine what payment amount you can afford.Related Links
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