|Metlife home loan rates can be chosen from two options available. One is the fixed interest rate and the second is the adjustable rate of interest. The Metlife bank gives the customer the liberty to choose whichever rate is comfortable to him/her.. The bank wants its customers to be satisfied and happy and that is why, before you avail a housing loan, it gives you full details on the same. A fixed rate of interest is the best if a customer does not want to get confused with the repayments every month. He/she will happily pay the same rate of interest every month till the loan is completely paid back. Whereas, on the other hand, adjustable interest rates, allows you to adjust your rate of interest every six months.
Types of Fixed rate of interest on mortgage offered:
1. Conforming: Conforming home loans include mortgages from FHA – federal housing administration and VA loans. Both of them are government approved home loans which are given at a fixed rate for a fixed period
2. Interest only: The interest only home loans asks you to pay only the interest and not the principal loan amount for a specific period of time for somewhere between 5 to 10 years. At the end of the period you will have to start paying the principle rates.
3. Balloon Mortgage rates: It offers a 7 years balloon mortgage rate at a 30 years amortized monthly payment.
Types of adjustable mortgage rates offered:
1. FHA loans: The federal housing administration grants adjustable loans at affordable rates. The FHA is a government organization that provides affordable housing solutions to all.
2. VA loans: VA loans are the Veteran Administration loans give out for military veterans.
3. Interest only: The interest only adjustable mortgage rates means the customer will only have to pay the interest rate for a period of time and not the principal amount.
For more on Metlife fixed interest home loan rates you can log on to the link given below:
For more on Metlife home loans adjustable rates you can click on the link given: