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[SS Gen] Mortgage Loan Products

Course Description

A fixed-rate mortgage is one in which the interest rate is set from the time the loan is closed and does not change during the life of the loan. Fixed-rate mortgages are the most common loan product in today's marketplace, specifically the 30-year fixed-rate mortgage; in fact, any loan other than a 30-year fixed-rate is considered nontraditional under federal mortgage lending standards. An adjustable-rate mortgage (ARM) is one in which the interest rate may change one or more times during the life of the loan. Consequently, payment amounts may change. This course provides an overview of fixed- and adjustable-rate mortgages, including payment strategies, rate increase calculations, available products, and more.
20 Minutes
Series: Mortgage Lending
Roles: Mortgage Professionals, Operations & IT
Course Format: Online Self-Paced
Package: Breakthrough

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