Mortgage News and Rate Updates
Adjustable Mortgage Rates – Pros and Cons
With home loan interest rates at an historic low, many people are rethinking the adjustable rate mortgage. This type of mortgage rate, which is commonly abbreviated as ARM, comes in a few different flavors. Unlike fixed mortgage rates, they fluctuate over time. The majority of homeowners – roughly seven out of ten, according to Bankrate.com – prefer fixed rates for this reason. Although they have traditionally gotten a lot of bad press, ARMs might be worth a second look. At the very least, it is good to familiarize yourself with the pros and cons of the adjustable rate mortgage.
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Fixed Rate Mortgages-15 year versus 30 year Loans
If you plan on using a fixed rate mortgage, you will have two main options: a 15-year loan or a 30-year loan. Although there are other terms available, the vast majority of lenders offer these two loan options.
So what makes one better than the other? The main difference between a 15-year loan and a 30-year loan is rather obvious. With a 15-year mortgage, you will pay higher monthly payments but less interest overall. By contrast, 30-year loans feature lower payments but more interest. In the long run, you will end up paying more for your home if you opt for a 30-year loan.
Although the differences seem relatively simple, there are other considerations that might make your decision more complicated. Buyers should take a hard look at their finances, budget, retirement plans, and long-term goals. It is also important to run the numbers to determine exactly how much you will pay versus how much you will save.
Home Equity: How to Improve It
If you are like most home owners, you can’t afford to increase the equity in your home by making double mortgage payments each month. Fortunately, there are other ways to improve your home’s value without breaking the bank.
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FHA Loans Explained
If you are in the market for a new house, you have probably heard about FHA home loans. But do you really know what they are? Or how to qualify for one?
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