You can get more information about these programs from the agencies that run them. Computer loan origination systems, or CLOs, are computer terminals sometimes available in real estate offices or other locations to help you sort through the various types of loans offered by different lenders. The CLO operator may charge a fee for the services the CLO offers. This fee may be paid by you or by the lender that you select. Types of Loans.
Loans can have a fixed interest rate or a variable interest rate.
Fixed rate loans have the same principal and interest payments during the loan term. Variable rate loans can have any one of a number of indexes and margins which determine how and when the rate and payment amount change. Most loans can be repaid over a term of 30 years or less. Most loans have equal monthly payments. The amounts can change from time to time on an ARM depending on changes in the interest rate.