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7 Tips to Getting the Best Home Mortgage Arrangement
from:Choosing the best home mortgage arrangement is like going to a shop to get a pair of custom-tailored jeans. It might fit the other guy perfectly, but it might not be as good for you. The best home mortgage is one that you’ve decided on after you’ve factored in several considerations.
So before going to a lender to arrange the best home mortgage for you, find out first if you have enough power to negotiate. Here are some tips:
1. Consider your income and disposable cash. If you have a consistent source of money and have sizable cash in bulk to take care of the 20% downpayment, that’s a point for you. If you pay a substantial amount now, you can arrange for lower monthly payments.
2. Take care of your debts. The lender will want to check your credit history to see if you are capable of consistent and responsible payments. A good record can help you a get an arrangement that’s more to your liking.
3. Don’t worry too much about rates. Although timing can factor into a good home mortgage deal, it’s best not to obsess about it too much. Concentrate more on how much you can spend for how long minus your debts.
4. Understand the different kinds of mortgages available. Make sure you know the facts before deciding on one. It might look like the best deal at the start, but consider what happens down the line. It might cost you more money.
5. Consider how long you plan to stay in the house. If it’s 10 years or less, you might be better off taking an ARM (Adjustable Rate Mortgage) than an FRM (Fixed Rate Mortgage). While monthly payments will go up and down with an ARM, the risks are outweighed by the savings.
6. If the lender allows it, try to pay more each year. Adding a month’s worth of payment to your loan that will also cover the principal will result to a shorter period of loan and save you thousands of dollars. If you can arrange for it, instead of paying monthly, pay twice a month.
7. Refinance your mortgage if the interest rates are favorable – meaning, low. Just make sure that it is at least 1% lower. Otherwise, it’s not worth the effort. Refinancing will give you more cash that you can use to pay off the principal. Result? A loan that gets smaller and smaller.
Getting the best home mortgage arrangement will require some research on your part and coupled with consistency and money smarts, you can always find one that’s just right for your needs and wallet.
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30 Year Fixed Mortgage Interest Rates News
Mortgage rates down across the board for week - San Francisco Gate
Sunday, September 7, 2008 Freddie Mac, the mortgage company, reported that 30-year fixed-rate mortgages dipped to 6.35 percent last week, down from 6.40 percent the previous week. It marked the third consecutive decline and left rates at the lowest ...
Read more...What the rates cut means for you - News.com.au
WHAT does the Reserve Bank cut mean for you, and what are the repercussions for the economy? Nick Gardner investigates. THE first Reserve Bank (RBA) rate cut in seven years was greeted with relief by borrowers last week. All the big banks and non ...
Read more...Rates on 30-year mortgages decline to the lowest level since mid-July ... - Baltimore Sun
WASHINGTON (AP) _ Rates on 30-year mortgages fell for a third straight week, dropping to the lowest level since mid-July. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.35 percent this week, down ...
Read more...Paulson readies the 'bazooka' - CNN Money
NEW YORK (Fortune) -- It took two months, but the bond market called Henry Paulson's bluff. Now the Treasury Secretary is expected Sunday to announce a plan to take Fannie Mae and Freddie Mac under government control. The mortgage giants are expected ...
Read more...Municipal bonds have become an exciting investment - Baltimore Sun
M unicipal bonds are exciting this year - just what their investors hate. The latest thrill occurred about a week ago. Alabama's largest county barely avoided filing the largest municipal bankruptcy in U.S. history as it struggles to keep up with ...
Read more...30-year mortgages dip slightly to 6.35 percent - HometownAnnapolis.com
WASHINGTON, D.C. (AP) - Rates on 30-year mortgages fell for a third consecutive week, dropping to the lowest level since mid-July. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.35 percent last ...
Read more...Risky mortgages threaten to keep housing market down - Detroit Free Press
In the mortgage industry, they are called liar loans -- mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname ninja loans, short for no income, no job and no assets. The nation's housing ...
Read more...Credit Union Australia cuts variable rates - News.com.au
CREDIT Union Australia will cut its standard variable mortgage rate by 0.25 per cent from Monday, following the big banks' decision to pass on the rate cuts. Australia's largest credit union says it will lower its standard variable rate for home ...
Read more...Home-loan troubles break record again - Seattle Times
WASHINGTON — A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount, the Mortgage Bankers Association (MBA) said ...
Read more...Housing rescue plan is 'vague and limited' - This is Money
Hours after the announcement of the Government's 'rescue package' to help the crumbling housing market last Wednesday, Financial Mail asked a mortgage broker to find out what home loans were available for a young couple with good earnings and five ...
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