- Mortgage basics
- Mortgage types
- How choose a mortgage?
- Mortgage Loans
- Mortgage Refinancing
- Mortgage tips
- Mortgage insurance
A mortgage loan is different than any other loan you will get in your lifetime.
Most mortgage loans are negotiated for a set time period of less than 10 years. They are negotiated for a single interest rate which will remain in place for the entire term of the mortgage loan. (The only exception to this would be a line of credit, in most cases. The interest rate on a line of credit may be changed over time.) Generally, you can pay off a loan in full at any time, although you may pay a penalty depending on the mortgage lender.
Most of us are familiar with this kind of loan through the purchase of our vehicles.
With mortgages, the length of the mortgage, the term of the mortgage and the mortgage interest rate are negotiated separately. In this case: