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Variable Mortgage (6-month to 1 year terms are most common):

With this type of mortgage the interest rate is directly linked to the money market rates and can fluctuate on a weekly or daily basis. While this is usually the best rate available, long-term upward swings in interest rates could be quite costly. On the plus side, long-term downward interest rate swings could mean large savings as your mortgage rate follows the market down. With fixed-rate mortgages, a predetermined amount of each monthly payment goes to the interest and the rest is a... : Variable Mortgage (6-month to 1 year terms are most common):

Adjustable Rate Mortgages (ARM )

ARM’s are mortgages whose rates adjust according to the terms of the contract you made with the lender.Usually interest rates are fixed for the first 1, 3, 5, 7 or 10 years. After that period is up, rates will be allowed to fluctuate within the limits of your contract with the lender.Terms are usually 15 or 30 years (although you can negotiate just about any duration you want). There can be a balloon involved.Becaus... : Adjustable Rate Mortgages (ARM )

Mortgage Applications Fell Last Week -MBA

NEW YORK (Reuters) - Applications for home mortgages in the U.S. fell last week even as mortgage rates edged down, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage activity fell 5.7 percent to 715.0 in the week ended Nov. 19, more than offsetting a 4.3 percent gain the prior week.... : Mortgage Applications Fell Last Week -MBA

Insured or High-Ratio Mortgage

With a high-ratio mortgage the purchaser has less than a 25% down payment. These mortgages are often referred to as NHA mortgages because they are ed under the provisions of the National Housing Act. You can borrow up to 95% of either the purchase price or the appraised value of the property (whichever is less) but... : Insured or High-Ratio Mortgage

When to Consider an Adjustable Rate Mortgage

An adjustable rate mortgage, or ARM, is different from a traditional fixed rate mortgage because the interest rate changes during the life of the loan in accordance with movements in the index rate. If you can take advantage of a low mortgage rate when applying for a mortgage, then a fixed rate mortgage might be the way to go. But there are many reasons to consider an adjustable rate mortgage. Adjustable rate mortgages generally have lower initial interest rates than fixed rate mortgages and... : When to Consider an Adjustable Rate Mortgage
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