Mortgage Products
When asked what mortgage products they know, majority of people would name two major categories: fixed rate mortgage and variable rate mortgage. But talking to friends and colleagues we wonder why our rates are so different? In fact, every mortgage is designed individually. Your neighbor's fixed mortgage may be totally different from yours. His interest rate could be lower or greater than yours.
First, familiarize yourself with common characteristics for each mortgage type.
Term
Amortization Period
Interest rate
Constant Payment
Fixed Rate
Variable rate
Here is a list of mortgage products and repayment plans available on the market.
1. Constant Payment Mortgage with fixed interest rate.
2. Variable rate mortgage with variable mortgage payment.
3. Variable interest rate mortgage with constant mortgage payment.
5. Home Equity Line of Credit (HELOC).
We continue updating our site with new information on home financing. Please, visit us soon for more options.
