Types of mortgage loans and what they mean.

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An Adjustable Mortgage Loan is a loan agreement allowing the interest rate to increase or decrease directly with the fluctuations in an index beyond the control of the lender.

Graduated Payment Mortgages provides for low initial debt service payments with regular increases for several years until a level is reached where the payments will amortize the loan over its remaining term.

Growing Equity Loans requires variable sized payments that are tied to a borrowers ability to pay. But the increase is not according to some fixed schedule.