Ocean Trust Mortgage

Once you know several of the basics about mortgages, you can more closely examine the different kinds. You should familiarize yourself with two basic aspects of mortgages before we get to several of the more exotic variations. Fixed-Rate Mortgage. This is the plain-vanilla loan that most people think of when considering a mortgage. You will owe a certain percentage of the loan as interest to the lender. This amount never changes, and your monthly payment will remain the same over the life of your loan. Fixed-rate mortgages are usually for 15 or three decades.