|Mortgage & Refinancing Information|
Mortgage Refinancing - Does Size Matter After All?
Hopefully your ego has never had to experience the words, "It's okay honey. Size doesn't matter." After all, what's important is the quality right? In a perfect world, perhaps this is true, but in the realm of mortgage refinancing, what is best is usually based on length. Let me explain.
The majority of mortgages are given at terms of either 15 or 30 years. This simply means that if you have a mortgage of $150,000, you will have to pay it off in pre-calculated payments (fixed mortgage) over the next 15 or 30 years depending on which loan you have chosen.
Both long term (30 years) and short term (15 years) loans have their benefits and drawbacks. With a long term loan, you are going to benefit from having significantly lower monthly payments. This makes sense because the loan amount is spread out over a longer period of time. However, because the length of the loan is extended over 30 years, you will be paying higher interest rates and subsequently, more money in interest as opposed to a shorter termed loan.
On the other hand, a home mortgage loan with a length of 15 years is going to have a much higher monthly payment than a 30 year mortgage. However, the tradeoff is that you are going to pay much lower in interest due to shorter terms carrying an overall lower interest rate.
Some financial analysts recommend a 15 year mortgage as the best home mortgage loan. They believe that although you are paying more monthly, you benefit from having the mortgage paid off quicker which saves thousands in interest. Also, by paying more on your mortgage in a shorter period of time, you are increasing the rate at which your equity is being built.
Yet again, other lenders and economists recommend the 30 year mortgage for the lower payments and tax benefits. If you are concerned about length, they recommend purchasing a 30 year mortgage (minus prepayment penalties) and pay extra on the principal. This allows you to benefit from the lower monthly payments and tax benefits as well as having the loan paid off in less than 30 years.
The "best" mortgage length for you depends on what you are willing to compromise on. Both 15 and 30 year loans have their advantages and disadvantages. My advice is to use a mortgage payment calculator and see which term works best for your financial situation. Regardless of the choice, take pride in knowing that you are a homeowner.
Ben Morgan is the author of Home Mortgage Refinancing. Every day this site gives away countless valuable tips, information, and breaking news to help you make the best mortgage refinancing decision.
Top 5 mortgage refinance questions answered Fox Business
How a mortgage refinance affects your net worth Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now - Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business
3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool
What is a mortgage prepayment penalty fee, and how does it work? Business Insider
Weekly Mortgage News Roundup for Jan. 22, 2021 Motley Fool
What is a second mortgage, and should you get one? Business Insider
What Is Home Equity and What Can It Do For You? Credible News
5/1 adjustable-rate mortgage falls to new record low Bankrate.com
2.74 Million Homeowners Are Still in Forbearance: What You Need to Know About Exiting It - Motley Fool
2.74 Million Homeowners Are Still in Forbearance: What You Need to Know About Exiting It Motley Fool
Racked Up Holiday Debt? Refinancing Could Help You Pay It Off The Motley Fool
8 ways to pay for a home office setup Bankrate.com
3 Options for Financing Home Improvements in 2021 The Motley Fool
Mortgage refinance: Everything you need to know Fox Business
How to decide if you should refinance your mortgage Fox Business
How to refinance your mortgage Fox Business
Who's exempt from the new mortgage refinance fee? Fox Business
How do I get the most out of my mortgage refinance? Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
How to refinance your mortgage in 5 easy steps Fox Business
Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 - Fox Business
Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while two hold steady | December 15, 2020 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while two hold steady | December 15, 2020 Fox Business
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
4 ways to get lower mortgage refinance rates Fox Business
10 things to know before refinancing your mortgage Fox Business
Refinancing your mortgage? Don’t make this mistake Fox Business
Today's mortgage refinance rates stay low with the election underway | November 3, 2020 - Fox Business
Today's mortgage refinance rates stay low with the election underway | November 3, 2020 Fox Business
How often can you refinance your mortgage? Fox Business
Complete Checklist of Mortgage Refinancing Requirements Credible News
Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 - Fox Business
Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 Fox Business
The best mortgage refinance lenders of January 2021 Business Insider
When should you refinance your mortgage? Fox Business
How to refinance your mortgage without closing costs Fox Business
Thinking of refinancing your mortgage? Do your homework before you jump in. - The Philadelphia Inquirer
Thinking of refinancing your mortgage? Do your homework before you jump in. The Philadelphia Inquirer
10 tips for getting the best mortgage refinance rates Business Insider
Today's mortgage refinance rates hold steady at unprecedented lows | October 16, 2020 - Fox Business
How to Refinance Your Home | Home Lending Chase News & Stories
5 reasons to refinance your mortgage right now HousingWire
Today’s mortgage refinance rates keep sinking, reaching 37-day low | November 13, 2020 - Fox Business
How to get a low-cost mortgage refinance Bankrate.com
Selling Your Business Note
Before I go further, let me ask a question- if you won the lottery tomorrow, would you take the payout in a lump sum or in monthly payments?Most people would take a lump sum because even though it might be less than the total prize, they would have control over a large sum of money now and could let the time value of money go to work and increase their winnings.So why then would you opt to get paid on your business sale over several years rather than take a lump sum payout?The answer is probably because you didn't know that you could get cash for your business note.
Buy a Home With a Government Grant? Avoid this Scam
If you watch enough late night television, you'll see advertisements that suggest that the Federal Government is giving all kinds of things away. You'll see ads for auctions that promise that you can buy a Ferrari for $500 or a home for $1000 through "government liquidations" or some such thing.
Consolidate Your Debt With a Home Equity Loan and Improve Your Credit Score
A home equity loan is a loan based on the difference between what your current home value is and what you currently owe on your house. There are also mortgage companies that will loan a little over the equity you have in your home.
Online Mortgage Brokers - What You Might Not Know About Home Loans & The Internet
You may think that applying online for a mortgage is the same as applying with a broker in the 'real world', only more convenient.While applying for a mortgage online is much more convenient, and sure to help you get a lower rate because of the amount of competition online, there is another benefit to using the internet when applying for a loan.
Home Equity Loans
A home equity loan allows you to cash-in on the equity you have built-up in your home. The funds you receive can be used for debt consolidation, home improvement, college education, investments or any purpose.
Home Loan Applications Made Easy
You have finally found the home of your dreams. You have searched all over and are ready to purchase it.
Financial Rebirth Through Remortgage
Seldom in ones life do we get a chance to alter the mistakes we made in the past. Remortgage offers a once in a life time opportunity to change from a mortgage to another that is more desirable.
Residential Mortgage - Finding The Best Home Mortgage Lender
Most people approach the act of getting a home mortgage purchase or refinance loan the wrong way. They timidly approach lenders and cross their fingers that they will quality for that all-important loan.
Some of the Available Loan Types
There are many mortgage products available on the market today. We can help you find out which one is right for you.
Kings Bay Saint Marys & Kingsland Georgia Real Estate - Getting a Home Loan with Damaged Credit
So, you have made the decision that you would like to become a homeowner. As lenders, we have to perform a credit check.
Mortgage Refinancing Companies -- Choosing The Right One
Searching for a mortgage refinance company can be a daunting task. In a moderately sized city, there could be at least several major refinancing companies and several smaller local refinancing institutions.
Secured Loans For Home Improvement - When You Can't Buy A Luxury Home
A house is just perfect with chipped walls and broken taps. Is it? If you don't think so, then home improvement loans is what you should be looking for.
HELOCs and Second Mortgages: Which One Should I Choose?
Whether you need some extra cash to pay off some credit card debts, or to make some home improvements, home equity lines of credit or second mortgages can be great ways to get started.Many people looking to borrow money often opt for home equity line of credit, or HELOCs, for short.
Buying a home remains the great American dream. Home ownership rates have been exploding in recent years, spurred on by the historically low interest rates in the home mortgage market.
Best Buy to Let Mortgages
Are you looking for the best buy to let mortgages with the lowest rates payable? Need to calculate repayments on-line? Not sure how much you can borrow? These are all questions that you may well be asking yourself if you are looking for the best buy to let mortgages.Finding the right buy to let mortgage is crucial to your success as a property investor.
Reverse Mortgages - A Tax Free Income For Senior Citizens
I fully realize if it sounds too good to be true, it probably is and There Ain't No Such Thing As A Free Lunch (TANSTAAFL) immediately jumped into your head when you read the title of this article. However, if you are 62 or over, you may have just found the goose that laid the golden egg.
Which is Better? Fixed-Rate or Adjustable-Rate Mortgages
The answer depends on several factors including your financial situation. Lets take a look at the main differences between the two types of mortgages.
Self Employed Mortgage Loans - A Survival Guide
When you're self employed you have numerous advantages. As you are a free agent, you will write off every deduction you can on your tax return.
Bad Credit Home Loan - Apply Online and Keep Your Credit Score as High as Possible
If you have a poor or bad credit history with something in your past like a bankruptcy or a foreclosure, you know how difficult it can be when you try to get financing for a home mortgage purchase, refinance, home equity or second mortgage loan. Its important to be persistant in looking because there are home mortgage loans out there for people with bad credit.
Mortgages - Which Loan is Right For You
When buying a home, you need to take a home mortgage loan, either because as a debtor, you end up paying less tax, or because in a market where property prices rise faster than salary levels, the money you have saved falls short of the amount required. When searching for a home mortgage loan, you can select from a wide variety.
|home | site map|
|© 2006 TIGER MEDIA|