Different Kinds of Mortgages available With Mortgage Lender

Were you confused on different mortgage and remortgage products available in the market? It would happen with several potential borrowers. Let us delve on making you understand the best option suitable to your specific needs and requirements. You would be required to go through the major types of mortgage options made available for you and the circumstances. In event of you making use of mortgage to purchase home, but you were unsure on the kind of mortgage suitable to your specific needs, you would benefit largely with the guide to types of mortgages available with Sun West Mortgage.

Taking out a mortgage option has never been made easier.

Fixed rate mortgage – The mortgage lender would set the annual percentage rate for a fixed duration. The duration would range from two, three, five to ten years. The interest rate may be higher with variable mortgage, but with fixed mortgage, you would be paying fixed rate of interest without any fluctuation in the rate of interest caused by banks affecting it.

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Variable rate mortgage – The rate of interest may go up and down during the tenure of mortgage. It would be based on the rate of interest changed by the governing authorities. It would be a gamble, but if you could make use of lower interest rates by choosing the option at the right time, it would work in your favour.

Repayment mortgage – The repayment would include portion of principal amount borrowed along with rate of interest accrued on the capital. In the recent times, repayment mortgage has become largely popular with the people. Despite the monthly payments being on the higher side, the borrowers would have peace of mind.

You would come across the aforementioned and several other kinds of mortgages available with a reliable mortgage company. It would be in your best interest to choose the right one prudently.

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