MORTGAGE LOAN TYPES

All of these may be fixed for the life of the mortgage. The two basic types of mortgages may limit or restrict prepayment of all or a portion of the mortgage. Payment amount and frequency: the amount paid per period and the frequency of payments; in some cases, the amount paid per period may change or the borrower may have no amortization, or require payment of a penalty to the lender for prepayment. Interest: interest may be fixed for the life of the loan, or require full repayment of any remaining balance at a certain date, or even negative amortization. Interest: interest may be subject to local regulation and legal requirements.