Different types of mortgage loans provide different types of benefits.

Certain factors must be considered when deciding among the various mortgage loans.

Essentially, there are three types of mortgage loans. These mortgage loans will be your options whether you are purchasing a new home or refinancing existing mortgage loans. There are specific benefits and limitations associated with these mortgage loans and your unique situation will help you determine which is appropriate for you.

Fixed Rate Mortgage Loans - These mortgage loans are appropriate if you plan to spend at least five years in your home. Your monthly payments will be fixed and there are many people that like that stability and predictability. If you think that your financial situation will not change significantly and you do not want to deal with any adjustments to your payments then fixed rate mortgage loans could be the answer.

Adjustable Rate Mortgage Loans - If you intend to occupy your home for less than five years then adjustable rate mortgage loans may be suitable. The interest rates on these mortgage loans are usually significantly lower at the outset than fixed rate mortgage loans. The resulting lower monthly payments could provide significant savings during the few years you intend to live in your home. However, there is always the possibility that your payments could go higher depending on the prevailing rates for mortgage loans.

Combination Rate Mortgage Loans - During the first few years, combination rate mortgage loans have lower interest rates than fixed rate loans. Monthly payments are lower and you may be approved to borrow higher amounts. At the end of a pre-determined period the loan will become adjustable and change periodically depending on the terms of the mortgage loans.

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