One point on your second mortgage loan is equivalent to one percent of the amount you borrow. So, if you were to get a second mortgage loan of $10,000 with an eight-point fee, then you would have to pay $800 in "points." Second mortgage loan companies may charge you in varying number of points so if it might be helpful if you do a comparison first. Along with the $5,000 take over mortgage down payment, closing fees are applicable. Another example is when one of your friends got a take over mortgage for $80,000 with 6.5% fifteen years ago. The take over mortgage loan balance left is $70,000. This means that the property is now worth $160,000. For a take over mortgage, you only need to come up with $90,000 plus money for closing costs. According to Anthony Hsieh, president of HomeLoanCenter.com, an 80 20 mortgage loan "allows people to buy without a down payment." An 80 20 mortgage loan is also for people who would rather leave their savings alone in buying a house. Most people who take on an 80 20 mortgage loans are usually young professionals. Every 3 months, ING Direct variable rate mortgage interest rate will be adjusted to reflect their prime rate. Variable Rate Mortgage by CanEquity Mortgage Canada The variable rate mortgage of CanEquity is based on a five year term. However, in this variable rate mortgage, only the first three years are closed, leaving years 4 and 5 open. Fixed rate mortgages are generally very affordable, especially when rates are low. Consumers of fixed rate mortgages are faced with having to choose between a 15-year fixed rate mortgage or a 30-year fixed rate mortgage. Some prefer 15-year fixed rate mortgages because of the shorter duration. Other consumers choose 30-year fixed rate mortgages because the payments are considerably lower than the former. In an interest-only mortgage rate, your payment schedule is more flexible compared to other loan types. Most lenders of interest-only mortgage rates do not put any restrictions or penalties should you find it convenient to start paying off the principal loan balance. Even with prepayments, many interest-only mortgage rate lenders will still let you pay up to 20% of your loan balance during any 12 month period without prepayment penalties.