Types of mortgage loans. Fixed-rate mortgage. This is a mortgage that has a fixed interest rate over the entire life of the loan. The benefit is that it offers predictable payment terms and the fixed interest rate allows the size of your monthly payment to stay the same year after year. Adjustable-rate mortgage (ARM). With this type of mortgage, interest rates change from time to time to reflect current market conditions. In many cases, the rate remains fixed for an initial period, and then it is adjusted on a yearly basis.
For example, with a 31 ARM loan, the 3 in the name indicates that the loan has a fixed interest rate for the first three years. Afterward, the rate is adjusted on a yearly basis, as indicated by the 1.
Please Read Carefully. This service is not available in all states. If you request a loan in a particular state where such loans are prohibited, or in a location where WhiteRockLoans. com does not have an available lender, you will not be connected to a lender. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps.
If you are connected to a tribal lender, please understand that the tribal lenders rates and fees may be higher than state-licensed lenders.
Its important to ensure that you will be able to afford to pay back your payday loan in full with interest when repayment is due. Failure recoding advance deposits in a cash basices accounting pay back the lender can lead to loans rolling over and fines being issued. Both can be incredibly expensive, and therefore its vital that you only take out payday loans when you know youll be able to repay on time.
Consider other forms of borrowing if you need money for a longer period, such as bad credit loans, guarantor loans or credit cards. Are there alternatives. Short term credit doesnt only come from payday loans. Credit unions often offer similarly short loans, although the application process is often more time consuming. Non-loan products such as overdrafts and credit cards can be a cheaper alternative, as can borrowing from friends and family.