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Types of home mortgage loans with the lowest rate

This mortgage article will tell you which types of home mortgage loans have the lowest rate compared to other types of home loans.

Choose a type of "low rate" home mortgage loan to read about:

Adjustable rate home mortgage loan

The adjustable rate home mortgage loan, is a loan type that has a really low rate. How low?

This type of home mortgage loan has the lowest existing mortgage-rate in mortgage-word: the majority of the time. The adjustable rate is always super-close (and usually the closest) to the economy's prime rate.

The adjustable rate home mortgage loan is usually the only type of home loan with a "mortgage-rate" that's super-close to the prime rate of the economy. But fixed rate home mortgage loans (which are the opposite of adjustable rate loans) almost always have a rate that's quite a bit higher than the prime rate of the economy: especially if you want a decent term-length, like 3 or 5 years (compared to a short-term length, like 1 year).

So when you get an adjustable rate home mortgage loan instead of a fixed rate loan, your rate will usually be the lowest it can be.

Apply online for a home loan now!

Short term home mortgage loan

By getting the "short term" home mortgage loan - you'll get a lower rate than you would with a home mortgage loan that has a longer term.

Short term home mortgage loans usually have term lengths between one year to five years. (BTW: A mortgage-term is the length of time that you keep your mortgage before you have to renew it (refinance it) or are allowed to completely pay it off without any hassle or extra-cost).

Here's how it works:

  • If you get a one year term: you'll get the lowest rate you can from a short term mortgage loan.
  • If you get a three year term, or even a five year term: you'll still get a really low rate you can from a short term mortgage loan.

So really, any home mortgage loan that you get, that has a term length from 1 year up to 5 years will give you a lovely low mortgage rate.

Apply for a home mortgage today!

Closed home mortgage loan

A closed home mortgage loan is another type of mortgage low that has a nifty low mortgage-rate compared to other types of home loans.

A closed home mortgage loan has a lower rate than it's opposite, the 'open' home mortgage loan. With a closed home mortgage loan, you can not pay off chunks of that loan, or pay it out "whenever you want for free" like you can with an "open" home mortgage loan. You'd have to wait until your mortgage-term is over before you can pay off some or all of your mortgage loan without paying a small fee to do so.

By choosing a closed mortgage loan instead of an open one, and giving up the little luxury of being able to pay-off your mortgage before your term is up (which a lot of people really don't care about anyway), you can benefit from having a home mortgage loan with a nice low rate. Now that's a luxury!

Get a mortgage loan now: you can apply online!

Would you like more info on mortgage rate and home mortgage loan topics? Contact The Mortgage Store Online's brokers by using the rate quote form or by calling them at 1-866-880-2577.

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