A mortgage may seem like a home loan but it is in a separate category. A mortgage is a very specific loan that has required payments over a period of time. Over the term of your mortgage you will progressively develop equity in your house as you pay off your interest. The term rates are usually represented by a 15 or 30 year mortgage.Fixed Rate Mortgage vs.
Adjustable Rate

Some people have difficulty deciding between a fixed and adjustable mortgage because they really don't understand the difference between the two. To help you understand we have developed a simple definition for each type of mortgage.
Fixed Rate:

Seen often as the traditional mortgage, a fixed rate mortgage has a locked interest rate throughout the duration of the mortgage. If you start with a 5.9% interest rate that is what you will pay throughout, regardless if the market rate moves up or down.
Adjustable Rate:

This type is often seen as riskier because your mortgage will fluctuate both up and down during your mortgage term. You get to take advantage of current market rates, but you will also have to pay more if the market is higher.
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