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Adjustable Rate Mortgages Offer Alternatives For Home BuyersW. Troy Swezey When looking for a mortgage to meet your needs, consider these key questions: Is your income expected to increase in the coming years How long do you plan to live in your new home And, which mortgage will provide the lowest interest rate While 15 or 30 year fixed-rate mortgages are the most popular, and Adjustable Rate Mortgage ARM offers some interesting alternatives for home shoppers who plan to move again within four or five years. Although interest rates are the lowest they’ve been in 20 years, an ARM provides even lower interest rates during its introductory period. An Adjustable Rate Mortgage is a home loan with an interest rate that fluctuations with market interest rates. Instead of paying the same rate of interest over the life of the loan, as you would with a fixed-rate mortgage, you usually pay a lower interest rate the first four or five years. Your interest rate then changes in accordance with certain rate indexes. However, ARMS come with maximum caps on how much the interest rate can increase in a single period usually a year and how high the rate can go during the entire life of the loan. Usually, the overall maximum cap is six percentage points, and the annual cap is two points
| | | | RELATED ARTICLES Love, Marriage and Money The f-word. Finances. Combining love and money may be the biggest stumbling block on the path of true love, creating more rifts in relationships than in-laws, drug and alcohol addiction, or infidelity. Find the best Mortgage Rate for you Most people tend to take out a mortgage, then forget about it. The monthly payments go out from their accounts every month, but they probably couldnt tell you what the interest rate was if you asked! This is slack financial policy - it is easy to make sure you always have the best mortgage rate, and therefore pay the least interest. And believe me, over the years, even a fraction of a percent reduction in interest rates means big savings! Are Mortgages a Risky Business A bank or mortgage company is nothing more than a box in which to keep money. The owner of the box has to do a few calculations.Firstly, how much is he going to offer those people who deposit cash in his box, in return for such a deposit Secondly, how much of that money should he keep as cash in case the owners of that cash want it back Maybe 5%, maybe 10%, what are the regulations in his jurisdiction Thirdly, how much is he going to charge those people who wish to borrow the money of others, previously deposited in his box Top 10 Ways to Avoid Loan Fraud Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud. Below youll find the top ten ways to avoid becoming a victim yourself. Five Sure Fire Way to Secure Your Financial Future “You can be poor when you’re young, but you can’t be poor when you’re old.” That was the tag line used some years ago in a financial services television commercial. The Downside of Buy To Let is... gearing. The same factor that gives the buy-to-let landlord his massive advantage in a rising property market is one of his worst enemies in a falling market. With housing markets across the world teetering on the brink of a chasm, now may very well be a good time to evaluate exactly what gearing means to the average buy to let landlord. Debt Facts In 2003, almost one and a third percent of US househoulds about 1,650,000 filed for bankruptcy, indicating that bankruptcy may not have quite the stigma attached to it as in other parts of the world. A Debt Checklist A Debt Checklist is the only sensible way to organize and control your finances. Most people arent actually aware quite how much debt they possess - in fact, a recent survey found that almost 75% of UK adults were up to £5000 out when asked to estimate their non-mortgage debt.They werent much better when asked to produce a cashflow statement showing how their hard earned cash was being spent each month! A Debt Checklist is a plan you can use to get a grip on your finances, and will allow you to understand in black and white, where savings can be made, and how debt can be tackled most effectively. The 9 Critical Steps To Success In Demolishing Your Money Worries For Good! Articles on How to make money come a dime-a-dozen.How about a fresh, new perspectiveHeres a rather unique, untapped, revolutionary article about the 9 Simple Yet Powerful Steps You can use right now to Demolish Your Money Worries for Good,...for Life,...Forever! Money in the Bank Recently, I was on the phone with a friend of mine from California who just purchased his first home.Hes a single father and hes in his early 30s.He was upset that his parents had never stressed the importance of owning a home or even talked to him about how to save.“Man, Im just thinking about all of the money I wasted when I was younger,” he complained.Its true, before we had kids, what were we spending our money onRemember when we could shop at the store and it was all about usDidnt have to worry about somebody putting Dora cookies or fruit roll-ups in the shopping cart To Buy or Rent For Your College Student September always means Back To School, and for thousands of families it also signals Off To College. In addition, more and more young people are opting to continue their education with post-graduate studies. OPM - The Art Of Leveraging Equity lender, hard money lender, private investor or what ever term one uses can be a great source of funds to do real estate transactions and the question of how to find them comes up often! Should you choose to refinance Refinancing has become a valid option for many individuals with high interest rates on their mortgage. Refinancing is essentially a replacement loan, with a different lender and hopefully a lower interest rate. Understanding Real Estate Terminology Purchasing a home can be a complicated and confusing process, especially for first-time buyers.Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn. Become A Mortgage Auditing Specialist According to U.S. Government Auditors more that 45% of all home mortgages and 75% of home equity loans contain miscalculations or errors in favor of the lender. These errors are costing homeowners to be overcharged billions of dollars per year, and with the number of home mortgages being refinanced because of low interest rates, the figures can only increase. Searching The Internet Without Search Engines The World Wide Web contains more than ten million websites with thousands more being added daily from all over the world, and search engines are tasked with presenting the most relevant pages based on the search criteria entered.Finding a large and popular site like www.irs.gov is easy because it is related to a large agency, but a small site like mine www.consumermortgagereduction.com would be impossible without the use of search engines.The task of finding a website that relates to a specific subject would be almost without the use of the search engine, yet they perform this task with relative ease using tools that may be unknown to most users of search engines. Dead Silence From Your Prospect: The Worst Sound Of All Could this be the worst moment in your selling cycle Secondary Mortgage Market Sets the Standards and Practices for Mortgage Lending The Secondary Mortgage Market is responsible for the setting many of the rules and common practices that determines who gets a home loan. The secondary market includes Fannie Mae Federal National Mortgage Association or FNMA, Freddie Mac Federal Home Loan Corporation or FHLMC, Ginnie Mae Government National Mortgage Association or GNMA and a variety of other investment oriented institutions. US Commercial Mortgage Basics Commercial mortgage loans are used when purchasing structures such as office buildings, apartment complexes, health care facilities and retail outlets. Whether it’s a hi-rise tower or a family-owned restaurant, buyers typically need additional funding to complete the transaction.Commercial mortgages are what they pursue. 7 Ways to Get to the Truth: When the Sale "Disappears" Youre close, really close, to making a sale. Yourpotential client is in the market for your product or service and youve had a couple of good meetings. |
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