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What are the general categories of loans currently available?

April 26, 2017Categories Currently Loans

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What are the general categories of loans currently available?

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The industry offers hundreds of loan programs. The following are the most popular types of loans: Fixed- The loan will be fully paid off in 30,20,15,10 or 40 years. The interest rate and payments remain fixed for the duration of the loan. ARMs (Adjustable Rate Mortgages)- After your initial fixed period, the payment and interest rates will adjust based on changes in the index they are tied to.