The 3/27 Adjustable Rate Mortgage (ARM) is a 30-year mortgage with a three-year fixed rate period.
Fixed interest rates are generally lower than current rates on 30-year conventional mortgages.
After three years and for the remaining 27 years of the loan, the interest rate will be floating based on an index such as the yield on one-year US Treasury bills.
Because their monthly payments can increase significantly after an interest rate adjustment, borrowers should plan carefully before borrowing 3/27 ARM to make sure they are still affordable.
2/28 adjustable rate mortgages (ARM) offer an initial fixed rate for two years, after which the interest rate is adjusted semi-annually for another 28 years.
An 80-10-10 mortgage consists of two mortgages: the first is a fixed-rate loan of 80% of the value of the home; the second - 10% as a loan secured by equity capital; and the remaining 10% as a down payment in cash.
A movable property loan is secured by a movable item or movable property that is used to purchase the loan. The creditor has the right of ownership of the movable property.
The holiday act literally releases the parties to the transaction from previous obligations, such as payments on the terms of the mortgage, because the loan is repaid.
An FHA 203(k) loan is a government-secured mortgage loan, which is essentially a construction loan that finances both the purchase and renovation of a home.