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Mortgage Loan Types

  • Fixed-rate mortgage - A fixed-interest rate loan is a loan where the interest rate doesn't fluctuate during the fixed-rate period of the loan. This allows the borrower to accurately predict their future payments

  • Balloon mortgage - A balloon mortgage is a type of loan that requires a borrower to fulfill repayment in a lump sum. These types of mortgages are typically issued with a short-term duration.

  • Bridge loan mortgage - A “bridge loan” is basically a short-term loan taken out by a borrower against their current property to finance the purchase of a new property. It is also known as a swing loan, gap financing, or interim financing.

  • Construction loan mortgage - A construction mortgage is a loan borrowed to finance the construction of a home and typically only interest is paid during the construction period. Once the construction is over, the loan amount becomes due and it becomes a normal mortgage. The money is advanced incrementally during construction, as construction progresses.