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Explain the Characteristics and Costs of Mortgage Loans

Mortgage loans are loans that are used to finance the purchase of a home or investment property. There are a number of different things you should consider when deciding how to finance a home. Your choice of loans should be based on four key concepts:

  1. Your time horizon: How long do you expect to have the mortgage, and how certain are you of that time horizon?
  2. Your preference (if any) for low required payments: How important are lower payments in the initial years of the loan?
  3. Your tolerance for interest-rate risk: Are you willing to assume the interest-rate risk of the loan?
  4. Your work status: Are you or have you been a member of the armed forces?


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