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Types of Mortgage Loans
The founder of The Loan Corporation, a mortgage firm in Tampa Bay, Florida, that has closed on nearly $1 billion in loans, Harry Hedaya is an established leader in the mortgage industry. In addition to managing over 150 employees across four states, Harry Hedaya provides expertise in all areas of individual mortgage loans.

Generally, mortgage loans are available in three types:

1. Fixed-rate loans are available for periods ranging between 10 and 30 years. With this type of loan, the monthly payment and interest rate remain constant.

2. An adjustable rate mortgage features an interest rate that can be adjusted from year to year. Sometimes, an adjustable rate loan includes a portion of the loan term in which the rate is fixed.

3. An interest-only loan, sometimes called a jumbo loan, allows interest-only payments for a period of time before the payments are restructured. In this type of loan, the interest rate can change, similar to an adjustable rate mortgage.
Types of Mortgage Loans
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Types of Mortgage Loans

The founder of The Loan Corporation, a mortgage firm in Tampa Bay, Florida, that has closed on nearly $1 billion in loans, Harry Hedaya is an est Read More
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15
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Published: