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Hot Topic: Tips On Getting Your Mortgage Loan Approved
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How Choosing The Wrong Loan Program Can Wipe You Out
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7 Critical Questions You Must Answer Before Refinancing
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Insider Secret: 3 Things Your Lender Will NEVER Tell You
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Home.LoanBegin.com
Presents Hundreds Of Articles, Tips, And Resources About
Home Equity Mortgages, Refinancing Home Mortgages, And Home Mortgage
Loans! Updated Daily.
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Mortgage Loan Tips.
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Why some people almost always get the lowest interest rate on their mortgage - for the least points - and No Junk Fees!
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Home Buyer Defense Guide.
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Real estate insider advice to help homebuyers avoid common mistakes when buying a home.
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Mortgage Secret Codes Revealed.
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A step by step guide on how to take control of the mortgage process and also How to beat the brokers and avoid mortgage ripoffs. |
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Mortgage Soup
Author: J.Stewart
You have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication would be appreciated.
Mortgage Soup
Looking for home mortgage loans can get confusing with the alphabet soup of mortgage loans programs available today.
Most of these programs are just variations of fixed rate and adjustable rate mortgage loans. These loans can be structured to meet your financial needs, and most are available in 15 or 30-year terms. Your long-term plans play an important part in selecting the right type of loan, use
these general guidelines to help you as you shop for home mortgage loans.
Fixed Rate Mortgage - If you’re going to be staying in your home for at least 7 years, consider a fixed rate. This
loan’s interest rate is fixed for the life of the loan or term – 15, 20 or 30 years. Usually the shorter the term,
the lower the interest rate. This type of loan is amortized – both the principle and the interest are paid off at the end of the loan term.
Adjustable Rate Mortgage - If your only planning on living in your home for a short period of time you may want to
consider an adjustable rate. Your interest rate can adjust – up or down. The rate is tied to an index like treasury bills or prime rates. The initial rate usually starts out
low, but can adjust after a set period of time. If you choose this type of loan and then decide to stay in your
home, you may want to refinance after two years to avoid any upward rate adjustments.
Combination Fixed and Adjustable - Going to be in your house for just a few years? This type of home mortgage loan can start out as a fixed rate for a set number of years, keeping
your rate and payments low, and then the loan adjusts. Like the adjustable rate, the amount of the adjustment is tied to an index that can go up or down. This loan is sometimes
called a two-step or convertible ARM. Just remember, these loans usually go up after a set period of time, or if you have to convert after a few years it can cost you money. Be sure you understand your loan and when your payments could go up to avoid paying more than you have to.
Balloon - An interest only loan. You would only want to use this loan if you were only staying for a short time in your home. Because you’re only paying interest, and nothing towards the principle, you don’t build any equity. At the end of the loan term, you have to pay the balance off all at once, but few people ever keep these loans for the entire term.
Having an understanding of these basic types of loans and combinations of them is the key to finding the mortgage loan
that is right for you.
About the Author
J.S.Stewart is the author of "Mortgage Soup." Visit his
site to shop for mortgage loans at
http://www.2applyforloan.com
Article Keywords:
Home Loans
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As you may know, I have a very deep passion for real estate and mortgages. In
fact, this website is a true labor of love for me.
As publisher, one my many duties is to review the many books, programs
and courses about real estate and mortgages that are on the market today. I’ll
be honest with you. Most of them are garbage. (Although
I do strongly recommend the programs in the “Must Have” box
above).
But, let me tell you, when I came upon the following headline, I new
I found a winner…
“Learn How To Quickly Build At Least $40,000
Worth Of Home Equity And Pay Your Mortgage Off In 10 Years Or Less”
-Without Making Biweekly Mortgage Payments-Or Changing Your Current Mortgage.
Now, the reason I knew it was a winner was because of the name behind
the headline. Craig Romero. Many consider Craig to be one
of the true geniuses in our field. I have a lot of respect for
him, and I
urge you to drop what you are doing right now and click the link below... |
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