If you plan to live in your home less than 10 years, you can then consider this type of mortgage. You can even customize your rate and payments by selecting the fixed rate mortgage that match how long you plan to live in your home.

 
You can choose a mortgage depending on the amount of time you are going to you remain in your home. You potentially pay a lower interest rate with the initial fixed rate loan then you would get with the traditional 30 year fixed rate mortgage. You can benefit from rates on this type of mortgage based on the London Interbank Offered Rates Index, which is typically lower than the average fixed rate. Large loan amounts are usually available. Secure your interest rate with this locked in rate. Simultaneously, you can establish a home equity line of credit....
 

Home Buyer Beware - Know the Signs of Real Estate Market Trouble

 
Lots of articles have appeared recently about the booming real estate market in the United States. Home prices, especially on the East and West coasts, are not only at record levels, but are increasing at record rates. In some areas around Washington, D. C. and San Francisco, home prices have tripled in the last five years. While many homeowners have been enjoying huge increases in their equity, realized when they either sell their home or borrow against it, the market has become increasingly difficult for those trying to buy homes....
 

Private Mortgage Insurance Basics

 
Will you be asked to pay Private Mortgage Insurance, or PMI? Most lenders will require you to carry PMI if you cannot put 20% or more of your loan amount forward as a down payment. PMI protects the LENDER in case you default on your payments. PMI does not protect you, the borrower. The lender will secure the PMI policy for you, and you will pay for it. Most people choose to have PMI added to their monthly mortgage payments, but other payment arrangements are possible. The monthly cost of PMI is based on your loan amount....
 

Home Mortgages: Should You Apply Now?

 
If you're thinking about applying for a new mortgage or refinancing your current mortgage, you might want to take action now. In its survey this week (the week of Aug. 1), Freddie Mac, the corporation that finances many of the country's mortgages, reported that rates on 30-year, fixed-rate mortgages rose to a nationwide average of 5.82 percent. This represents the fifth week in a row that the rate on fixed-rate mortgages has gone up. This increase put the rate is at its highest since it averaged 5....
 

Should You Get an Interest-only Home Mortgage?

 
Before you consider taking out an interest-only mortgage, you should first understand what they are. Unlike traditional, fixed-rate mortgages, interest-only mortgages allows the borrower to initially pay the interest on the principal for a short period of time, rather than making payments on both the principal and the interest. This is how it works: say, for example, you've taken out a mortgage for $100,00.00, which would require a monthly payment of around $1,000.00. However, with an interest-only mortgage, the same payment would only amount to around $695....
 

Should You Get a Home Inspection?

 
It's very important, and in my opinion, mandatory to have a home inspection done before you close on a house. The inspection helps with giving you an objective evaluation of any problems with the home before you move in. Make sure you have a home inspection contingency in your contract before you sign it. You want to be able to back out of a contract if the inspection turns up any serious problems that the seller is not obligated to fix or that will be too costly for you to pay for on your own. A home inspection report is a complex document that an inspector fills out while going over the house....
 

How to Shop Around for the Cheapest Mortgage Deal Online

 
Before you start shopping around for a mortgage, you need to establish exactly what you want so that you do not waste your time looking at deals that will not save you money. You should also learn how to compare mortgages or choose what features of the finance package are important to you. The first step is to ask your friends or family for recommendations of potential mortgage lenders. Then contact several lenders and let them know that you're shopping around for the best rates. You may want to discuss your needs with banks, credit unions, mortgage companies and brokers....
 

Remortgage - When Monthly Mortgage Payments are Touching New Heights

 
Current economic scene has hinted towards a fall in the Bank of England base rate from a three and a half year high of 4.75%. 78% of the property investors are contemplating refinancing their home loans. Are you thinking the same? This is the appropriate time for remortgage and moving to competitive interest rates. Remortgage is indeed a very cost effective option. A fall in the interest rates is a constant driving force in favour of remortgage. Remortgage implies the transfer of mortgage from current lender to new lender with low interest rates and better loan repayment facilities....
 

Money Smart Homeowners Use this Mortgage Strategy Every Time

 
There are currently more than 50 million home mortgages in the United States today. So why aren't more homeowners taking advantage of the highest yielding lowest risk, tax-free financial strategy available today? Let me ask you. Where can you....... ? Forego only $3.35 in tax savings (three dollars and 35 cents) ? Invest $350 over the course of 12 months ( three hundred and fifty dollars) ? Get a return of $3,300! (That's Three thousand three hundred dollars) $3300 for $353.35? It's certainly not the stock market, pork bellies or even currency trading....
 

Choosing The Right Mortgage For You

 
This article will help you understand the differences between a variety of mortgage options. There are many different mortgage products offered by the various lending institutions in Canada, so you may not know what features to look for. As you'll see, each type of mortgage has slightly different features which appeal to a variety of different preferences. For example, some home buyers take comfort in knowing that the amount of their mortgage payments will be the same throughout the entire term of their mortgage....
 

Mortgage Sales Hit Problems

 
The housing market has been buoyant over the past few years, but mortgage providers and first-time buyers are both now facing a tough time. Following announcements from the Bank of England that there has been an overall decline in the total number of UK home-buyers, and a declaration from the Financial Ombudsman Service (FOS) that the number of disputes concerning mis-sold mortgage endowments has now hit record levels, it seems that mortgage lenders are facing a bleak time. Add to this the results of a new survey, by the Edinburgh Solicitors Property Centre, which shows potential first-time buyers fear that they may never get onto the property market, and you start to see a worrying picture of the housing market emerge....
 

Fixed Rate Home Loan

 
Fixed rate home loans are available as 30, 20, 15 and 10 year loans and they make sense if you answer yes to the following: Plan to live in your home more than 5 years Want the stability of a fixed monthly mortgage payment Don't want to risk future monthly mortgage payment increases Some fixed rate home loans can be converted into biweekly mortgages which shorten the life of your loan. By paying your monthly mortgage payment every two weeks, you make one extra payment a year for a total of 26 payments....
 

Poor Credit Home Mortgage Loans - The Role of the FICO Score

 
If you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about how the FICO credit scoring system works. FICO - Fair ISAAC & Company - is the leading credit reporting agency that lenders turn to when it comes time to credit scoring your home loan mortgage application; so if you do have bad credit history, these guys will know. The formula used by FICO cannot be disclosed because of a decision made by U. S. Congress. There are some things generally known about FICO which that could help you understand why and how you can get approved: 1....
 
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