This is because adjustable rate home mortgage rates depend largely on the changes in federal rates. Also, adjustable rate home mortgage rates are short-term interest rates like Treasury bill rates. If you're planning to keep your home for only a short period of time, then an adjustable rate mortgage might be the best choice for you. When you choose one company, make sure that you know what is required of you when you ask for a bad credit mortgage loan. Below are a few facts you need to know about bad credit mortgage loans. Higher Interest Rates for Bad Credit Mortgage Loans It is only natural that high interest rates are charged for those borrowers who are on a bad credit mortgage loan. With the interest-only second mortgage loan however you will be required to pay back the entire amount that you borrowed as soon as the term ends. This type of second mortgage loan is also called balloon payment loans. Second Mortgage Loan Costs Fees may be charged by some lending companies for the money you borrow on second mortgage loans. However, it should be noted that not everyone benefits from mortgage refinancing. For homeowners with second mortgages, mortgage refinancing may backfire. The same goes for those people with a lot of debt or those having trouble paying bills on time. By going for mortgage refinancing, they might end up paying more than when they stick to the loan they already got. With fixed rate home mortgages, your interest rates are guaranteed and your monthly payments are predetermined. A 30-year fixed rate home mortgage has its own advantages and disadvantages. Usually fixed rate home mortgages with 30-year loan terms give the consumers the opportunity to borrow money on a long-term basis. The Difference Between a Bank Loan Officer and a Mortgage Broker Loan officers at a bank or a credit union are employees working to sell and process mortgages and loans for mortgage customers or home buyers like you. Their loan types and mortgage products have several varieties but they all come from one specific originator, their employers.