Posted on: 05th Jun, 2009 05:05 pm
Is conv frm the same as a regular frm?
Hi Guest,
Conventional and regular FRMs are the same. In the fixed rate mortgage (FRM), the interest rate and your mortgage monthly payments remain fixed for the entire term of the loan. FRMs are available for 40, 30, 25, 20, 15 and 10 years. However, you should remember that the shorter the term of a loan, the lower the interest rate you could get. 30 and 15 years fixed rate mortgages are the most common ones.
Thanks
Conventional and regular FRMs are the same. In the fixed rate mortgage (FRM), the interest rate and your mortgage monthly payments remain fixed for the entire term of the loan. FRMs are available for 40, 30, 25, 20, 15 and 10 years. However, you should remember that the shorter the term of a loan, the lower the interest rate you could get. 30 and 15 years fixed rate mortgages are the most common ones.
Thanks
since risk will be low for a short term loan, it will attract lower interest rate