Second Mortgages
30 Year Fixed Rate
The interest rate is fixed for 30 years and the loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed.
15 Year Fixed Rate
The interest rate is fixed for 15 years and the loan is fully amortized (or paid off) in 15 years if the normal payment schedule is followed.
30/15 (30 due in 15)
The rate is fixed for a 15 years and the payment is amortized over 30 years to provide for a lower monthly payment. This loan is due and payable as a balloon loan at the end of 15 years.
