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It's enough to make your head spin; understanding mortgages is rough. You can read and read about them, but the information just doesn't sink in. Of course, all of the banking terms don't make it any easier. There is some good news--you don't have to know the specifics of every type of mortgage, just the basics in order to make a good decision.

A few of the most popular mortgage types are adjustable rate, balloon, and fixed rate. Adjustable rate mortgages are particularly good for people who don't intend on staying in one place for more than about 10 years. The advantage of the adjustable rate is that the interest rate is low in the beginning, giving you low monthly payments. Typically, that rate can be locked in for a maximum of 10 years. After that, the rate will increase--along with your monthly payments.

Balloon mortgages are similar to adjustable rates in some ways. You begin with a low monthly payment because of a low interest rate, but that rate will significantly increase once seven years have passed. If you plan to relocate within seven years, this can be a good choice. In case relocation doesn't happen, you generally have the option of refinancing to get a lower rate than what the balloon interest rate would be.

A fixed rate mortgage is pretty self-explanatory. Your interest rate remains the same over the life of the loan--whether it is a 15 or 30-year mortgage. The certainty of a stable monthly payment is what makes this option appealing. If you need more information and don't know where to turn, contact HispanicLending.com. We know the challenges Hispanics face purchasing a home and are prepared to help you with every aspect of the process.

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