What are the main characteristics of a fixed-rate loan, an adjustable-rate loan, an interest-only loan and a reverse mortgage loan that are available to borrowers in mortgage lending?
response is list of 4-6 attributes for each in bullet format© BrainMass Inc. brainmass.com March 21, 2019, 8:54 pm ad1c9bdddf
Fixed Rate Loan:
Most common loan
Most common loan for first time buyers
Stable because the payment remains the same from month-to-month
Interest rate is fixed.
Usually is 15, 20 and 30 year terms
Generally have to have good to excellent credit to get a reasonable rate
Interest rate is generally higher than an ...
The main characteristics of a fixed-rate loan are determined