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General Loan Information
    If you are considering taking out a loan it is very important that you are aware of the different types of secured loans available on the market today. Here is a short overview of the different loans.

    Fixed Rate Mortgage
    Fixed rate mortgage is a kind of mortgage where you have to pay a fixed amount of money as rate of interest for stipulated period of time and this rate of interest becomes variable near the end of period. There are early repayment charges applicable in these loans and you need o keep this in mind to save some extra bucks. This mortgage is generally taken when you expect the rise in interest rates in the market and want to save yourself from such upward trends.

    Capped Rate Mortgage
    These are the rates which are variable but do not rise above the interest rate cap and they even do not fall beyond certain marked rate of interest which is called interest rate collar. This arrangement continues for a stipulated period of time after which the normal variable rate is charged.

    This kind of rate of interest and arrangement lets you budget you financial planning and for this a certain amount of fees is levied in the initial period. There is charge which is applicable for changing providers within certain period of this agreement.

    Discounted Rate Mortgage
    This is good scheme if the financial situation is a bit tight in the beginning of the period but is gradually going to get going within the term. This is because the rate of interest is quite low in this agreement because itís actually meant for the first time buyers. The early repayment in this scheme may you put you in trouble and you might just end up being locked up with the lenderís variable rate of interest and longer duration of agreement.

    Variable Rate Mortgage
    This is the most chosen scheme where the rate of interest is variable and goes along the general market trend and is mostly unpredictable as the market may rise or fall without notice. It is actually a very risky propaganda to go along with the low potential buyers.

    Cash Back
    These are schemes which states that a particular amount of cash is given out when signed for some standard mortgage with variable rate of interests. This cash can be used in anyway desired and is accounted as add on benefit or profit through the agreement. The early repayment may have you wash your hands with this cash as well as some extra buck which will cover redemption for paying the loan early.

    In interest only mortgages only the interest needs to pay during the whole term where as the capital sum would be paid during the end of the period. This agreement needs special care in different department as well where you need to make some investment to build up the capital you have borrowed.

    There is immense risk involved with interest only mortgages and is directly proportional to kind of investment you are making simultaneously to pay back the principal. The risk is all up on you as most of the lenders leave it up on the subject to decide how to repay and where to invest to make sure the capital is raised by the term of agreement.

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