Explore the Mortgage101 Library
Check Local Mortgage Rates
Today's Average
4.02%
Calculators
FEATURED CALCULATORLoan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
TERMINOLOGY
Some second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in one year. You will need to discuss the repayment terms with the individual mortgage company and select one that offers terms that best suit your needs. For example, if you need to borrow $20,000 to make repairs on your home, you may not want a loan that requires you to repay the entire amount in one or two years because the monthly payments may be too high.
More Articles...
What Are Typical Mortgage Down Payments?
Short Selling a Rental Property
- Second Mortgages: Advantages and Disadvantages
- How to Get Approved for an FHA Loan despite Bad Credit
- 3 Common Short Sale Mistakes
- Appraisal Basics
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Should You Refinance? Make Sure the Timing is Right
- What Lenders Don't Reveal About Home Equity Loans
- Low Down Payment Loan Qualification
- FHA Eligibility with Bankruptcy and Foreclosure