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Mortgage loan
Mortgage loan plans are divisible into a number of categories, conventional and government loans.
Essentially, any mortgage loan that it not Federal Housing (FHA) Administration, Veteran Affairs (VA) or Rural Housing Service (RHS) is a conventional one.
Further classification falls into fixed rate loans, adjustable loans and others.
In the fixed mortgage loans, interest rate and monthly payments remain pegged for the entire loan term and the shorter it is, the lower the interest.
Adjustable rate mortgage loans have unbalanced interest rates, as well as, payments in the course of the loan period.
The interest rates undergo modification according to the changes in a defined index, established at the time of application.
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