Types of Interest
Understanding different types of interest in relation to mortgage financing is very important. Where mortgages are concerned there are many different types of interest and each type compounds at a different rate. The most common frequencies are as follows:
- Daily – 365 times per year
- Monthly – 12 times per year
- Semi-Annually – 2 times per year
- Annually – 1 time per year
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Home equity lines of credit for example usually bear interest that compounds monthly. This is because lines of credit revolve. Each month interest is added to the balance and payments change depending on the balance owed. Often lines of credit bear minimum monthly payments that are so low, when you make minimum payments you may be paying mostly, or in some cases only, interest. First mortgages generally compound semi-annually and payments are fixed.
The most common types of mortgage interest are: