When the mortgage rate is ‘fixed’ it means that the rate (%) is set for the duration of the term, whereas with a variable mortgage rate, the rate fluctuates with the market interest rate, known as the ‘prime rate’. So, for example, if the 5-year fixed mortgage rate is 4%, then you will pay 4% interest throughout the term of the mortgage.
Home Equity Loan After Bankruptcy No-Income Verification Loan No Doc Mortgage, No Income Verification Loans, Home. – No income: Income is not disclosed, but assets are disclosed and verified, and must meet an adequacy standard. stated assets or No asset verification: Assets are disclosed but not verified, income is disclosed, verified and used to qualify the applicant. No asset:.