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Basics Of Mortgage Loans

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Basics Of Mortgage Loans

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  1. Basics Of Mortgage Loan Borrowers can opt for a variety of loans to meet their financial requirements. Here are different types of home loans which a borrower must know about: Federal Loans Private Loans Granted by a lender or bank, the borrower’s credit worthiness is considered in case of these loans. These loans are granted by the government and generally have low interest rates. Secured Loans The loans have a collateral attached to them. The lender can sell the asset kept as collateral if the borrower fails to repay the funds. Unsecured Loans Fixed Rate Loans Unsecured loans do not require collateral which is why higher interest rate is charged on them. In case of fixed rate loans, the interest rate remains same throughout the term of loan. Variable Rate Loans The interest rate on these loans varies with time. The rate is usually based on changing economic index. First Convenience Bank www.1stnb.com Banking services are extended throughout Texas, New Mexico & Arizona All loans and collateral subject to approval First National Bank Texas | NMLS #402924 | Member FDIC | Equal Housing Lender

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