Basically, there a 3 types of mortgage loans

• Fixed Rate Mortgage Loan
• Adjustable Rate Mortgage Loan
• Hybrid Mortgage Loan

A Fixed Rate Mortgage Loan is when you borrow a certain amount of money for a fixed period of time for a fixed rate if interest. This means that you will repay the loan in fixed monthly installments over the life of the loan. Generally, fixed rate mortgages are predominately 30 year or 15 year loans although other periods may be available. As a rule of thumb, given a constant monthly payment, the amount you can borrow increases as the period of the loan increases.

You can see the effects of the length of term and the rate of interest by using our Loan Amount Calculator.

An Adjustable Rate Mortgage Loan is similar to the fixed Rate Mortgage Loan in that you borrow and fixed amount for a fixed length of time. However, the amount of interest that you pay will "adjust" as interest rates adjust - either up or down.

A Hydrid Mortgage Loan is a combination of the previous two in that you get a fixed rate of interest in the first few months of your loan and an adjustable rate thereafter.

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