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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:
Current Mortgage Rates, July 7, 2020 | Rates ease Bankrate.com You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC Compare Today's Mortgage Refinance Rates: Jul 13 Credible News What is the average refinance closing costs? The fees add up Business Insider 2% mortgage rates: Real or marketing gimmick? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports YOUR MONEY: When mortgage rates are low, should you refinance? Part 2: Additional considerations Inside NoVA Lenders More Likely To Deny Black Home Buyers A Mortgage: LendingTree Financial Advisor Magazine Refi Rates Today, July 8, 2020 | Rates slide Bankrate.com How Often Can You Refinance Your Mortgage? Credible News 4 tips for refinancing your mortgage during the pandemic, from homeowners who just did it Business Insider Refi Rates Today, June 22, 2020 | Rates rise Bankrate.com COVID-19 Mortgage Help for Vets: The VA IRRRL | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Stressed homeowners find cash-out mortgage refinances harder to get Daily Journal Online Is Your Mortgage Forbearance Ending Soon? What To Do Next Realtor.com News Record mortgage applications as Americans rethink importance of home: Quicken Loans CEO Fox Business Mortgage refinance: Everything you need to know Fox Business Refinancing and income taxes | Finance | telegraphherald.com telegraphherald.com THA Mortgage welcomes loan officer Thomas Blunk | Business News | richlandsource.com Richland Source Getting a mortgage after bankruptcy: What to know Bankrate.com How to refinance your mortgage Fox Business Is now the best time to refinance your mortgage? Fox Business When should you refinance your mortgage? Fox Business How to get the best mortgage refinance rates Fox Business Using Data to Identify Members Ready for a Mortgage Refinance Credit Union Times Stock Market Has Great Week – Market Update Zing! Blog by Quicken Loans Mortgages: Forbearance Rates Drop While Applications Increase, But Lending Requirements Tightening RisMedia.com Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC How does mortgage refinancing work? Bankrate.com Jumbo Loans: Requirements, Limits, and Rates Credible News Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider Should you refinance federal student loans? Bankrate.com The basics of no-closing cost mortgage refinancing Fox Business The impact of the coronavirus on mortgage refinancings Brookings Institution Should you join the rush and refinance your mortgage now? Washington Post Right now would be a good time to refinance your mortgage Tampa Bay Times Best mortgage refinance lenders of 2020 Loop North News The 8 Best Mortgage Refinance Companies of July 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Maine Farmers Get Closing Cost Help From Credit Union Credit Union Times The Mortgage Rates 'Sweet Spot' is Finally Here. Should You Refinance? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports 2.5% mortgage rates are here. What's next — 2? Or even 1%? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Rockport Mortgage handles $36.4 million FHA Section 223(f) refinancing loan for Borden Place New England Real Estate Journal Online 5 Questions to Ask Before You Refinance Your Mortgage HowStuffWorks |
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