Search results for: Adjustable Rate Mortgage

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How do I know which type of mortgage is best for me?

There are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed-rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your...
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Which Type of Home Loan is Best for You?

There are many different types of home loans from which prospective borrowers can choose. There are fixed rate mortgages, adjustable rate mortgages and home equity loans, to name a few. As these are the main types of home loans, they will be discussed in further detail to determine which home loan is right for you. Fixed Rate...
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Traditional Fixed Rate Mortgages

The most basic home loan is a fixed rate mortgage. It is what it advertises; a fixed rate and payment for the life of the loan. So whether it is 2 years or 10 years into the loan the mortgage payment and rate will still be the same. They are available in 10, 15, 20, 25 and 30 year periods. The most popular are 30 and 15 year loans. ...
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How does piggybacking loans work?

'Piggybacking' loans has become the most popular way to purchase a home over the past few years. This avenue of financing serves two main purposes. First, it allows the buyer to purchase a property with no down payment. With the current prices of homes it has become increasingly difficult for first time buyers to save even 5% of the asking...
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Basics of Home Purchase Mortgages

So, you are looking to purchase a new home... Do you need to get pre-qualified for a mortgage? Do you need to know if you can afford your Dream Home? Do you want to buy but you think you can't because you do not have a Down Payment? Home Purchase Loan Basics Purchase with No Down Payment: you can buy a home with no down...
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Home Mortgage Refinance

Does your current mortgage situation resemble any of the following? Your current mortgage interest rate is higher than the advertised rates? Apply today to see if you can qualify for a lower rate. Do you have an adjustable rate mortgage (ARM) that is going to adjust in the next month or two? Then you should lock into a long term...
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When is the right time to Refinance?

Have you considered refinancing your existing mortgage? There are many things to consider when attempting to refinance instead of just seeing that rate on TV or the internet. Here are a few quick points to review and compare to your situation. The refinance rate Is your current rate higher than what is being advertised? Remember...
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What are Adjustable Rate Mortgages (ARMs)?

What you need to know about adjustable rate mortgages... The rate is fixed only for a predetermined time (chosen from 2, 3, 5, 7 or even 10 year terms). After which the rate will adjust per year (or depending on the loan program) equaling the index plus margin selected at the start of the loan. Advantage of an ARM is typically they...
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What are Interest Only Mortgages? Differences with standard home loans

What you need to know about Interest Only Mortgages... These loans can be either an ARM or Fixed rate mortgage. The purpose of these loans is to obtain the lowest possible payment per month. You are only paying the interest owed on the loan. No principal is paid down. So after 1 or 3 years of interest only payments the original...
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Steps to Apply for a Mortgage

For most people, a mortgage loan is necessary to buy a house. Nowadays, one can apply for a mortgage loan either through the internet or by directly approaching the mortgage loan company. However, some steps have to be taken when applying for a mortgage loan. Mortgage Loan Companies The first thing that has to be done is to find out...
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Is a 100% refinance possible?

It is definitely possible to refinance up to 100% of your home's value. There are many programs and products that will enable you to accomplish this. But first you need to ask yourself why you would want to do this. Then determine if it is the best course of action. Here are a few reasons most homeowners would refinance the entire value...
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what is a fixed rate mortgage?

Individuals who are searching for the perfect type of mortgage may be a bit overwhelmed by all of the mortgage options that are available to them these days. From fixed rate mortgages to adjustable rate mortgages and everything in between, there are many different types to choose from when looking to obtain a home loan. One of the more...
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Conventional vs. Sub-prime lending, where do you fall?

Every consumer that is in the market for a home loan whether for a refinance or purchase has been directed to two types of lenders classified as 'conventional' or 'sub-prime.' They are also known as conforming and non-conforming lenders. However the majority of consumers do not know exactly what the differences between the two are. Well...
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Benefits of Adjustable Rate Mortgages

Adjustable rate mortgages offer a great way for those with tight budgets to buy more houses for the money. With so many types of mortgages available on the market today, understanding what adjustable rate mortgages are—and their benefits—will ensure that prospective homeowners make the right financial decision. What are...
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can you refinance a HELOC with poor credit?

Just because you have poor credit it does not mean you can not refinance your home mortgage loan. By refinancing your home or adding a second mortgage it can actually help your credit score and with on-time payments your credit score will also improve. Even with poor credit you the homeowner have several options through the subprime mortgage...
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tips for getting a low interest rate when applying online

When you apply for a mortgage online, you have the opportunity to receive a lower interest rate than if you had applied in a more traditional manner, say at your local bank or credit union. One of the reasons for this is easily explained by the overhead that is incurred by brick and mortar financial institutions. Financial institutions that...
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Questions on Adjustable Rate Mortgages

When an individual is looking to obtain a mortgage on their home, they are met with many different important decisions. One such decision which needs to be made is whether the homeowner would like to obtain a fixed rate mortgage or an adjustable rate mortgage. For those homeowners who are interested in obtaining an adjustable rate mortgage,...
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Home equity loan or 2nd mortage? Pros and Cons

There are various lending options for those homeowners who currently have a mortgage in place on their home. Two such options which homeowners can choose to obtain some extra money are the home equity loan and the second mortgage. As with anything, there are pros and cons which go along with each of these loans and such items will be...
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adjustable vs fixed rate mortgages

Pros As it implies, the adjustable vs fixed rate mortgages are highly dependent on current interest rates during the life of the loan. For many new homebuyers, adjustable vs fixed rate mortgages are a welcome enticement, because the option allows them to purchase a more expensive home at the current interest rate, which hopefully, is very...
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best time of the year to apply for a mortgage

The best time of the year to apply for a mortgage is when you have found the house you have always dreamed of and are ready to turn it into a home. When you have a great property piece in your hand, you should do all you can to achieve it. However there are a few points to consider in order to protect yourself and your investment. When...
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get a home mortgage loan with a low credit score

You can score on a credit score from 300 to 850. In order to get the best rate on any loan, you will need to be in the top two levels. Preferably, the top level. The two levels include 719-850. If you are in these numbers, you will be able to get better rates than if your credit score is poor. Five hundred is considered a very low credit...
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What is a Pay Option ARM loan?

The Option ARM or Pay Option ARM became extremely popular a few years ago when rates were at an all time low. At the time there were only a few lenders that offered these programs. Eventually every lender began offering there own version of the Pay Option ARM. Most likely you have been offered this product and probably know someone that...
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