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Mortgage & Refinancing Information |
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Mortgage Soup
Looking for home mortgage loans can get confusing with the alphabet soup of mortgage loans programs available today. Most of these programs are just variations of fixed rate and adjustable rate mortgage loans. These loans can be structured to meet your financial needs, and most are available in 15 or 30-year terms. Your long-term plans play an important part in selecting the right type of loan, use these general guidelines to help you as you shop for home mortgage loans. Fixed Rate Mortgage If you're going to be staying in your home for at least 7 years, consider a fixed rate. This loan's interest rate is fixed for the life of the loan or term - 15, 20 or 30 years. Usually the shorter the term, the lower the interest rate. This type of loan is amortized - both the principle and the interest are paid off at the end of the loan term. Adjustable Rate Mortgage If your only planning on living in your home for a short period of time you may want to consider an adjustable rate. Your interest rate can adjust - up or down. The rate is tied to an index like treasury bills or prime rates. The initial rate usually starts out low, but can adjust after a set period of time. If you choose this type of loan and then decide to stay in your home, you may want to refinance after two years to avoid any upward rate adjustments. Combination Fixed and Adjustable Going to be in your house for just a few years? This type of home mortgage loan can start out as a fixed rate for a set number of years, keeping your rate and payments low, and then the loan adjusts. Like the adjustable rate, the amount of the adjustment is tied to an index that can go up or down. This loan is sometimes called a two-step or convertible ARM. Just remember, these loans usually go up after a set period of time, or if you have to convert after a few years it can cost you money. Be sure you understand your loan and when your payments could go up to avoid paying more than you have to. Balloon An interest only loan. You would only want to use this loan if you were only staying for a short time in your home. Because you're only paying interest, and nothing towards the principle, you don't build any equity. At the end of the loan term, you have to pay the balance off all at once, but few people ever keep these loans for the entire term. Having an understanding of these basic types of loans and combinations of them is the key to finding the mortgage loan that is right for you. J.S.Stewart
MORE RESOURCES:
What are the hidden costs of refinancing a mortgage? Fox Business Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business What Is A Debt Consolidation Refinance? | Pros And Cons The Mortgage Reports 3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool Thinking of refinancing your mortgage? Do your homework before you jump in. The Philadelphia Inquirer I'm retired and won't live to see my mortgage paid off. Should I refinance to lower my monthly payment? MarketWatch What is a mortgage prepayment penalty fee, and how does it work? Business Insider Buying a Second Home: What to Do and How Much It Costs Credible News Mortgage refinance: Everything you need to know Fox Business How to decide if you should refinance your mortgage Fox Business Should You Lend Your Kids Money for a Home Down Payment? The Motley Fool Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business How to refinance your mortgage Fox Business Who's exempt from the new mortgage refinance fee? Fox Business Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes 4 ways to get lower mortgage refinance rates Fox Business How do I get the most out of my mortgage refinance? Fox Business 10 things to know before refinancing your mortgage Fox Business Refinancing your mortgage? Don’t make this mistake Fox Business The best mortgage refinance lenders of January 2021 Business Insider Today's mortgage refinance rates stay low with the election underway | November 3, 2020 Fox Business Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 Fox Business Complete Checklist of Mortgage Refinancing Requirements Credible News How often can you refinance your mortgage? Fox Business When should you refinance your mortgage? Fox Business How to refinance your mortgage without closing costs Fox Business Today's mortgage refinance rates hold steady at unprecedented lows | October 16, 2020 - Fox Business 10 tips for getting the best mortgage refinance rates Business Insider How to get a low-cost mortgage refinance Bankrate.com No-Closing-Cost Refinance: Is It Right for You? NextAdvisor How to Refinance Your Home | Home Lending Chase News & Stories Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette How much can you save by refinancing your mortgage? Fox Business The impact of the coronavirus on mortgage refinancings Brookings Institution Can I Refinance My Mortgage With Bad Credit? NextAdvisor |
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