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Fixed-rate mortgages
Fixed-rate mortgages are traditionally the most popular type of mortgage in America. They are typically taken out over a 30-year period, but lengths of 15 to 25 years are also available. The interest rate and monthly mortgage payment on a fixed-rate mortgage remain the same throughout the entire life of the loan. The main advantage of a fixed-rate mortgage is that the borrower knows exactly... : Fixed-rate mortgagesOpen Mortgage (6-month to 1 year terms are most common):
Allows borrowers to repay all or part of the principal amount of their mortgage at any time without penalty. You usually have to pay a higher interest rate for this type of mortgage since it offers greater prepayment flexibility. This flexibility makes open mortgages ideal for homeowners who plan to sell in the near future or who want to wait for rates to drop be... : Open Mortgage (6-month to 1 year terms are most common):Regulator Says Fannie Mae Execs May Need to Go
By Mark Felsenthal WASHINGTON (Reuters) - Fannie Mae's regulator told Congress on Wednesday his office was considering seeking management changes at the mortgage finance company after finding pervasive accounting irregularities. Fannie Mae executives, at the same congressional hearing, denied the regulator's allegations they used improper accounting to mas... : Regulator Says Fannie Mae Execs May Need to GoStocks Flat; Fannie Mae Up, Microsoft Off
By Anupama Chandrasekaran NEW YORK (Reuters) - U.S. stocks were little changed on Wednesday as a European antitrust ruling weighed on Microsoft Corp. (MSFT.O: Quote , Profile , Research ) , offsetting a rise in Fannie Mae (FNM.N: Quote , Profile , Research ) after its embattled chief executive stepped down... : Stocks Flat; Fannie Mae Up, Microsoft OffGraduated-payment mortgage (GPM)
A mortgage loan requiring lower payments in early years than in later years. Payments increase each year until the installments are sufficient to pay off the loan.... : Graduated-payment mortgage (GPM)
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