If you are thinking about refinancing your mortgage, you might want to consider other mortgage programs. For example, you might want to look into a 15-year fixed rate mortgage. In this plan, your mortgage payments are somewhat higher than a longer-term loan, but you pay substantially less interest over the life of the loan and …
Tag Archive: interest rates
Mortgage Myths
The world is flat. The sun revolves around the earth. Banks aren’t lending. What do these statements have in common? Well, you can probably see where we are going with this…but those statements are all false. So, what mortgage myths are out there that need to be de-bunked? Myth #1 – Banks aren’t lending. We …
4 Reasons to Buy Now
Although we risk sounding like a broken record (in May we posted that it was time to buy…) market conditions continue to be ideal for home buyers. Here are 4 reasons to buy now: SUPPLY SHRINKING Inventory levels are declining across the country. When supply shrinks, homes in the best locations with the most coveted …
Mortgage Myths
![MortgageMyths[1]](http://myteamclermont.com/wp-content/uploads/2012/08/MortgageMyths1-150x150.jpg)
The world is flat. The sun revolves around the earth. Banks aren’t lending. What do these statements have in common? Well, you can probably see where we are going with this…but those statements are all false. So, what mortgage myths are out there that need to be de-bunked? Myth #1 – Banks aren’t lending. We …
Should I Wait Until Interest Rates Go Even Lower To Buy A Home
Current mortgage interest rates are extremely favorable for buyers. In fact, rates for 30-year, fixed-rate mortgages are hovering near 30-year lows. No one can accurately predict whether rates will go up or down. Even those who follow the market for a living can’t figure out when interest rates will bottom out. If they could, they …
Interest Only Loans
“Interest only” products are an easy way to save money and a very popular alternative to traditional fixed rates but they are not without risk. An “Interest Only” loan can offer consumers greater purchasing power, increased cash flow and a number of other benefits which are listed later in this article. First let us start …
Should I Pay Points?
A point, which equals 1% of the total loan amount, is an upfront fee that reduces your monthly interest rate and total interest due over the life of a loan. This means that a one point loan will always have a lower interest rate than a no point loan. Paying points is in essence a …
Adjustable Rate Mortgages (ARMs)
These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home. However, the interest rate changes at specified intervals (for example, every year) depending on changing market conditions; if interest rates go up, your monthly mortgage payment will …
Annual Percentage Rate (APR)
A tool used to compare loans across different loan programs is the Annual Percentage Rate (APR). The Federal Truth in Lending law requires mortgage companies to disclose the APR when they advertise a rate. It is designed to represent the true cost of the loan to the borrower, expressed in the form of a yearly …
Should I Wait Until Interest Rates Go Even Lower to Buy a Home?
Current mortgage interest rates are extremely favorable for buyers. In fact, rates for 30-year, fixed-rate mortgages are hovering near 30-year lows. No one can accurately predict whether rates will go up or down. Even those who follow the market for a living can’t figure out when interest rates will bottom out. If they could, they would all be …
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