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Mortgage & Refinancing Information |
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Mortgage Loan Information - Know The Basics When You Refinance or Purchase a Home
If you are currently looking for a new home, chances are that in all the excitement you won't really give any thought to the type of home loan mortgage you take out, instead going with the first one offered to you. This could be a serious mistake - costing you thousands, if not tens of thousands. Make sure you know all about the different types of home mortgage loans before you starting looking for that new dream home! Here are some of the basic types of mortgage loans: Fixed-rate home loan mortgage - As the name suggests, this is a plain-vanilla home loan. Basically you borrow a certain amount over a certain period at a fixed rate of interest. You then pay the same monthly installments for the life of the home loan. The benefit of a fixed-rate home loan is that you can easily budget for the repayments. The downfall of a fixed-rate home loan is that you could end up paying a higher rate of interest than everyone else - no one knows what interest rates will be in 15-20 years time! Adjustable-rate home loan mortgage - Mirroring the fixed-rate mortgage is the adjustable-rate mortgage. Again, you borrow a certain amount over a certain period, however in this case the interest rate is not fixed, but is adjustable (or 'floating' as you may also hear it called). The upside to adjustable-rate home loans is that the interest rate at the start of the loan period can be lower than the fixed rate would be. The downside is that it is difficult to budget for, as the amount can change, and you are at the mercy of something outside of your control - interest rate fluctuations, which can change quickly. Hybrid home loan mortgages - Trying to fill the void left with the downside of the fixed and adjustable/variable-rate home loans, the hybrid home loan lets you fix the interest rate over the first part of the home loan, and then switch to an adjustable/variable rate later. The upside of hybrid home loans is that they allow you to budget for your repayments during the expensive time when you first buy the home. The downside is that if floating rates are much higher than your fixed rate when the switch happens, you could find you are paying a much higher repayment each month. To see our list of recommended mortgage lenders with competitive rates for refinance, purchase loans, second mortgages, home equity loans and all other mortgage loans, visit this page Recommended Mortgage Lenders Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has informative articles and the latest finance news.
MORE RESOURCES: How to refinance your mortgage and save money every month Business Insider Mortgage rates settle after an up-and-down week The Washington Post Report: More than 6.8 million homeowners can cut their mortgage payments with refinancing - KHOU.com More than 6.8 million homeowners can cut their mortgage payments with refinancing Frederick News Post How to know when to refinance your mortgage KIIITV.com Millennial mortgage refinances continue ascent National Mortgage News It may be time to refinance if it benefits you The Dallas Morning News Mortgage rates today, December 5, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates move higher on encouraging trade developments The Washington Post Kent Woman mistakenly declared dead, can't refinance mortgage Darren Cunningham 6:05 PM, Dec 06 Fox17 Ready to Refinance? County 17 Ask a mortgage expert: Tips about credit score, down payment, refinancing and more Reno Gazette Journal Mortgage rates today, December 4, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates fall to lowest level in six weeks The Washington Post Should you refinance? The answer always boils down to money The Daily Herald Here are the best and worst states to refinance Yahoo Finance Mortgage rate predictions: Could the experts be wrong again? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports SoFi Mortgage Review 2019 • Benzinga Benzinga Mortgage rates today, November 29, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 15, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports U.S Mortgage Rates Rise but only Marginally Yahoo Finance Millennial refinance activity increases again in October Mortgage Professional America Mortgage rates today, November 20, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 21, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Refi boomlet pushed October's mortgage prepays to six-year high National Mortgage News Mortgage rates today, November 12, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Housing inventory will get a boost from Silver Tsunami headwinds The Mortgage Reports Paying off your mortgage vs. investing: Here's what could save you the most | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage Interest Rates Forecast NerdWallet Mortgage rates today, November 8, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 22, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Homeowners should skip holiday shopping and go mortgage hunting Loop North News Mortgage rates today, November 14, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Sims Mortgage refinancing cuts SNF interest rate by 60% - Products McKnight's Long Term Care News U.S. mortgage rates swing back down Dayton Business Journal Figure Closes Series C Round of $103 Million to Expand Lending Products and Executive Hires Business Wire The housing-backed investment vehicles that fueled the financial crisis are enjoying their best stretch in years Business Insider Nordic Access to Government Backed Mortgages Finally Improves Mortgage News Daily The best Black Friday deals for appliances, tech, home improvement, and more The Mortgage Reports Mortgage rates today, November 25, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Your Mortgage: Increased loan limits add holiday cheer Shawnee Mission Post FHA Mortgage Insurance Rates To Hold Steady in 2020 The Mortgage Reports How long does it take to refinance a mortgage? Bankrate.com Refinance or not? Getting a better deal isn't a slam dunk, but low rates offer compelling choices AZCentral Refinancing Share of Freddie's Volume Soared in October Mortgage News Daily Millennial Refinancing Hits New Peak National Mortgage Professional Magazine 5 common myths about refinancing your mortgage Bankrate.com Blockchain-based lending startup Figure secures $103M in new funding SiliconANGLE News Mortgage Credit Availability Up in November National Mortgage Professional Magazine Good time to refinance your mortgage? Fox Business Show Info: December 5, 2019 WJW FOX 8 News Cleveland What to know before refinancing your home loan The Washington Post Can you still get stated income loans? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports What Is Mortgage Refinancing? Motley Fool Refinancing my mortgage lowered my monthly payment by $200, but I wish I'd known 5 things beforehand Business Insider Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan MarketWatch Refinance mortgage rate moves higher for Monday Bankrate.com Nearly 6 Million People Are Eligible To Save Money With Mortgage Refinance, Report Finds Bankrate.com Odd Lots: Refis, DTIs and More Banker & Tradesman Refinance mortgage rate moves up for Thursday Bankrate.com Refinance mortgage rates mixed for Wednesday Bankrate.com Refinance mortgage rate falls for Thursday Bankrate.com Refinance mortgage rate slides for Thursday Bankrate.com Refinance mortgage rate increases for Monday Bankrate.com Refinance rates fall for Wednesday Bankrate.com |
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