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on being able to walk away from your debts by filing bankruptcy,'' said Melissa Richards, general counsel for the California Mortgage Bankers Association. ``I think you have thousands and thousands global equity lending inc people who refinanced and this didn't even enter into their equation,'' said Grant Nelson, a law professor at the University of California-Los Angeles. ``They global equity lending inc even think about it.'' There are many types of mortgage loans. The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM). In a FRM, the interest rate, and hence monthly payment, remains fixed for the life (or term) of the loan. global equity lending inc the U.S., the term is usually for 10, 15, 20, or 30 years. In the UK the fixed term can be as short as five years, after which the loan reverts to a variable rate (which makes the loan an ARM). In an ARM, the interest rate is fixed for a period of time, after which it will global equity lending inc (annually or monthly) adjust up or down to some market index. Common indices in the U.S. include the Prime Rate, the LIBOR, and the Treasury Index ("T-Bill"). global equity lending inc indexes like 11th District Cost of Funds Index, COSI, and MTA, are also available but are less popular. Adjustable rates transfer part of the interest rate risk from the lender to the borrower, and thus are widely used where global equity lending inc interest rates make fixed rate loans difficult to obtain. Since the risk is transferred, lenders will usually make the initial interest rate of the ARM's note anywhere from 0.5% to 2% lower than the average 30-year fixed rate. In most scenarios, the savings from an ARM outweigh its risks, making them an attractive option for people who are planning to keep a mortgage for ten years global equity lending inc less. A partial amortization or balloon loan is one where the amount of monthly payments due are calculated