Owning your own home is the end of a dream and the beginning of a headache if the interest rate that you are paying off is too high, although paying quickly helps you to save money each month if you consider refinancing.
What Do Interest Rate Hikes Mean For Your Mortgage?
If you’ve picked up a newspaper or caught the news recently, you’ve probably encountered a story about mortgage rates and the Federal Reserve banking system. Like many borrowers, you might wonder how the Fed determines interest rates and how – in the event of a rate hike – your personal finances could be affected. Here’s a quick overview:
Banks, credit unions, and other lending institutions borrow money from Fed banks. Since they borrow these funds on a short-term basis, t…
Picking A Home Loan Short Term
Youve found a home, your credit is in good shape and you have money for a down payment. So, how do you go about picking the right home loan for you?
Protecting Your Credit During Divorce
When a marriage ends in divorce, the lives of those involved are changed forever. During this time of upheaval, one thing that shouldnt have to change is the credit status youve worked so hard to achieve.
Adjustable Rate Mortgages and Negative Amortization
For many borrowers, adjustable rate mortgages are an attractive means of qualifying for a home. Fewer borrowers realize the potential negative amortization problems these loans can create.
Adjustable Rate Mortgages Determining Rates
Adjustable rate mortgages are to home buyers as carrots are to bunnies very tempting. The secret to figuring out if an adjustable rate mortgage is a good deal is the rate index used.
Adjustable Rate Mortgages Interest Rate Strategy
Over the last few years, many people squeezed into new homes using adjustable rate mortgages. With interest rates going up, you now need a new interest rate strategy
Adjustable Rate Mortgages Talking About Interest Rate Caps
Many people have jumped on adjustable rate mortgages to take advantage of the historically low interest rates we have seen over the last few years. Rates are now rising, which means you need to understand caps.
ARM Adjustable Rate Mortgages
Traditionally, homebuyers could look to two forms of mortgages fixed rate and adjustable mortgages. While there are now many more options, this article takes a look at the adjustable rate mortgage.
5 Great Reasons To Refinance
There are many great reasons to refinance. With lower cost, adjustable rate, and 0-down options, traditional loan programs like 30-year or 15-year fixed rate mortgages don’t always allow us to meet our financial goals. Today, even reducing your mortgage interest rate a little can save you big over the life of your home loan. Take a look below at 5 great reasons to refinance.
1. Lower Your Monthly Payment
If you plan to live in your home for a few years, it may make sense …