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Libor
is short for the London Interbank Offered Rate.
Essentially a Libor Mortgage is an adjustable rate mortgage
where the interest rate is attached to a particular Libor.
There are several Libors which correspond to different deposit
maturities, referred to as: 1 month libor, 3 month libor, 6
month libor and 12 month libor loans.
Fixed
Rate Mortgage vs. Interest Only Mortgage Calculator
With a
Libor mortgage loan initial payments are lower compare to fixed
rate mortgages, this is the appeal for those who are only
planning to stay in their homes for a shorter period of time.
A Libor or other interest only mortgage loans, offer you greater
purchasing, reduced qualifying income, maximizes your cash flow,
and also offers a significant monthly payment reduction compared
to a conventional mortgage.
More information on
Interest Only Mortgages
More information on
Types of
Mortgage Loans
More information on
Fixed
Rate Mortgages
More information on
Adjustable Rate Mortgages
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