Allentown Pennsylvania refinance mortgage
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Mortgage
Terms Defined:Adjustable-rate loans, also known as variable-rate
loans, usually offer a lower initial interest rate than fixed-rate loans. The
interest rate fluctuates over the life of the loan based on market conditions,
but the loan agreement generally sets maximum and minimum rates. When interest
rates rise, generally so do your loan payments; and when interest rates fall,
your monthly payments may be lowered
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Mortgage Terms Defined:Fixed-rate
loans
generally have repayment terms of 15, 20, or 30 years. Both the
interest rate and the monthly payments (for principal and interest) stay the
same during the life of the loan.
Mortgage Terms Defined:Points
are fees paid to the lender for the loan. One point equals 1 percent of the
loan amount. Points are usually paid in cash at closing. In some cases, the
money needed to pay points can be borrowed, but doing so will increase the loan
amount and the total costs.
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Allentown Pennsylvania refinance mortgage
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