Mortgage Rates
When Do Adjustable Rate Mortgages Make Sense?
All your friends and family have told you to stick with a fixed rate mortgage loan, but you are considering an adjustable type. Adjustable rate mortgages, or ARMs, are loans with an interest rate that changes periodically, typically each year. Although this prospective change in payment amount seems taunting, there are certain situations where ARMs […]
How Does The Interest Rate Factor In Securing A Mortgage Loan?
Your monthly mortgage payment is greatly influenced by the interest rate you agree to when taking out the home loan. Appearing like a lesson in gambling, interest rates are never completely stable. They fluctuate each day by tenths, hundredths and thousandths of a percent. When you secure a mortgage loan, the interest rate factors in […]
What Happens If Interest Rates Decrease And I Have A Fixed Rate Loan?
When applying for a mortgage or refinancing a present mortgage, a borrower may choose between a fixed rate mortgage or an adjustable-rate mortgage. Just as the name would suggest, an adjustable rate mortgage is one in which the interest rate may vary over time. Current homeowners often consider refinancing when interest rates go down to […]
What Factors Affect Mortgage Payments?
When getting a mortgage, a borrower will have to pay a monthly payment for the next 15 or 30 years. The payment size usually depends on a few major factors. Here are five factors that determine the size of a mortgage payment: Interest rate: When getting a loan for a home, a borrower will pay […]
Infographic – Mortgage Payment Breakdown
Understanding what a mortgage payment is and how it works is extremely important, given the fact that there are several factors that will help determine what your mortgage payment will be. Downpayment Loan program Credit Something else to also consider is the type of loan term. Understanding the pros and cons of each loan term […]
What Types Of Mortgage Loans Are Available?
Types of Mortgage Rates Commonly Found While the 2008 economic recession has triggered a lot of new regulation that has clamped down on questionable home lending, there is still a good array of loan types available to buy a house with. As a result, it helps to know the different categories commonly offered to understand […]
What Is Included In A Monthly Mortgage Payment?
A seemingly simple calculation for your potential home loan amount should be the principal and accrued interest divided by the loan term length. However, mortgages and real estate are much more complicated. There are actually three other items lumped into your monthly mortgage amount that cover associated costs. Homeowner’s Insurance Because the bank technically owns […]
