Principal Residential Mortgage

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Purpose
Desired Loan Amount
Property Value
Mortgage Balance
Rate Your Credit

Principal Residential Mortgage

A principal residential mortgage comes in various forms. The most common is the fixed mortgage. The borrowing rate, the term and the monthly payments are all fixed. An adjustable rate mortgage is two mortgages in one. During the initial term, the mortgage is fixed at a low borrowing rate. Once this period ends, usually within 3 to 5 years, the interest rate is adjusted for each period. Another is an interest only mortgage where the borrower makes interest only monthly payments at the beginning of the loan term. Selecting the right principal residential mortgage is based on the borrower’s life style and family situation.


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