Types of mortgage loans in Tennessee
* Adjustable-rate mortgages or ARMs have terms that change. Payments are low during the introductory period and usually increase after it expires.
* Unchanging terms characterize a fixed-rate mortgage (FRM) with its fixed interest, payment, and maturity date.
* Second mortgages have either fixed or adjustable terms. A HELOC or home equity line of credit has a variable rate whereas home equity loans have fixed rates.
