An open-ended mortgage works like a traditional mortgage but allows the borrower to obtain additional cash later during the term for additional expenses. These additional expenses are typically home improvements and renovations, which can cost a lot. These mortgages are …
Graduated payment mortgages are beneficial to many types of homebuyers. These are fixed-rate mortgages, and their main aim is to help homeowners start with a low monthly payment. These mortgages are suitable for those homebuyers who don’t have much income …
A growing equity mortgage is a type of fixed-rate mortgage. These mortgages are designed to help people who want to build equity in their homes quickly—this type of mortgage benefits young applicants or first-time home buyers who can’t afford high …
The interest rate in a mortgage can either be fixed or the one that keeps fluctuating throughout the term. With fixed-rate mortgages, the monthly payments remain the same, but in Adjustable-rate mortgages (ARM), the monthly payments keep changing. Whether the …
Real estate property consists of land or buildings that can’t be moved. People purchase real property, usually with a traditional mortgage. Chattels are movable property that can be anything like jewelry, a car, a boat, furniture, electronics, and even a …
Blanket mortgages allow property owners to purchase or refinance two properties with one mortgage. This is helpful for people with multiple properties as they don’t have to apply and qualify for more than one mortgage or deal with multiple lenders. …