Others rise up to the challenge of high home mortgage rates. Fixed Rate Home Mortgage Fixed rate home mortgages are home mortgages whose interest rates remain set for the duration of the loan term. The monthly payments for a fixed rate home mortgage may either for a period of 15 years or 30 years. Fixed rate home mortgages are considered stable. The downside to a reverse mortgage In every story, there is always the other side of the coin. While reverse mortgages have their advantages, they also have a downside. As you know already, reverse mortgages do not require monthly paybacks. This means that with reverse mortgages, you are actually taking out equity from your home and turning it into cash. And if the property sells for less that the balance of the take over mortgage, the lender reserves the right to sue you for the difference. A take over mortgage is not a free ride either. In order to get a take over mortgage, you still need to undergo a pre-qualifying process. Closing fees will still need to be paid before you can get a take over mortgage. Because interest-only mortgage rates have lower costs compared to fixed rates or other types of loans, you are afforded extra money which would have been spent on high monthly payments. Interest-only mortgage rates give you the chance to qualify for other loans, thus enabling you to buy more home or real estate properties. 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. Second Mortgage Loan Costs Fees may be charged by some lending companies for the money you borrow on second mortgage loans. The fees, referred to as "points," are usually a percentage of the second mortgage loan. One point on your second mortgage loan is equivalent to one percent of the amount you borrow.