Borrowers with good credit may not have to pay for these on their loans or they may but for only a low percentage. For borrowers with bad credit, the limit is usually four or five points on their bad credit mortgage loan. Larger Down Payments for Bad Credit Mortgage Loans Like interest rates, down payments for bad credit mortgage loans are higher than regular loans. Other consumers choose 30-year fixed rate mortgages because the payments are considerably lower than the former. Each type of fixed rate mortgages certainly has its own advantages and disadvantages. Here are some of them. 30-year Fixed Rate Mortgage - Advantages and Disadvantages A 30-year fixed rate mortgage gives consumers the opportunity to borrow money on a long-term basis. In an amortization mortgage, payment is divided into two portions - one for the interest cost and the other for the principal amount. The principal amount is the money originally borrowed from the amortization mortgage lender. The interest is the percent growth of the money as time goes. Amortization mortgage interest is computed based on the current amount owed. For a take over mortgage, you only need to come up with $90,000 plus money for closing costs. Take over mortgages have been around the market for years. Because take over mortgages allows the consumer a chance to assume a loan with lower interest rates, take over mortgages became popular. Take over mortgages experienced an all time high in the 1970s and 1980s when interest rates soared. Their loan types and mortgage products have several varieties but they all come from one specific originator, their employers. The loan officer's job is to help you process your application for a mortgage. To see if you're suitable a certain mortgage product, they will look into your personal credit account and start the approval process for your transaction. Home Mortgage Rates The economy needs a bit of stimulation and the feds are lowering down home mortgage rates to get it up and running again. Borrowing money with lowered home mortgage rates has never been this easy or this cheap. So, why not take advantage of this lowered home mortgage rate and get a chance to refinance your home and still save some?