Mortgage loan types in Virginia
You can’t compare the different Virginia mortgages until you have a good understanding of the way each works. Fixed rate mortgages (FRMs) offer interest rates and mortgage payments that won’t ever change. Most popular is a term of 30 years, but shorter and longer FRM terms are available. Adjustable rate mortgages begin with a low fixed rate (and low payments) that changes, or adjusts to a variable rate after the introductory period expires. A second mortgage offers either an adjustable or a fixed interest rate.
