If you and your family are thinking of purchasing a new home soon, it is possible that you are looking through different types of ways with which your new residence can be purchased. Aside from making sure that you are getting a good deal in your new residence, which means checking whether or not major repairs are needed (especially if it is not a brand new home), purchasing a new home also means making sure that you get a good understanding of the different types of home loans and mortgages and trying to determine which loan terms and mortgages actually works best for you and your family.

Among the types of home loans available, the fixed rate home loan or the fixed rate mortgage is probably the easiest to understand. It is called a fixed rate home mortgage because it simply means that a uniform interest rate will be imposed on your loan for the entire duration of your loan term. [Read more…]