But these two job types are different and it is important that you at least understand that difference. In most cases, banks usually close mortgage loans more quickly than a mortgage broker does. This is probably because a mortgage broker deals with two types of persons - the lender and the client. Resolving mortgage issues between these two is a time-consuming job. 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. Second Mortgage Loan Rates Second mortgage loans have different payments plans. Some types of adjustable rate amortization mortgages offer payment caps than interest rate caps. This basically limits the increase amount of your monthly payment on your amortization mortgage and makes your loan negatively amortized. If interest rates rise to the point that the interest due cannot be covered by your monthly amortization mortgage payment, the unpaid amount will be added into the loan balance, increasing it over time. Sellers offering cheap take over mortgages are also offering something of significant value. With take over mortgages, sellers are likely to charge more for their houses. This could mean that you would have to come up with more funds to cover the difference between the asking price and the take over mortgage loan balance. Variable rate mortgage is a type of loan where the initial payments are low. After some time though, the interest rates of variable rate mortgage changes on a regular basis. These changes on variable rate mortgages are affected by several factors, such as changes in investor markets. Because of its low initial payment, a lot of people like to take on a variable rate mortgage. Lenders who offer bad credit mortgage loans do not even take a second glance at your credit history. The important thing is you get your money and that's that. Speaking of lenders, which lending companies are offering bad credit mortgage loans among their list of loan programs? Several bad credit mortgage loans are being offered by some alternative loan companies.