Welcome to Home Mortgages
Best Refinance Mortgage Article
This is a selection made from among articles on Best Refinance Mortgage. For a permanent link to this article, or to bookmark it for future reading, click here.
from:
Fixed Rate - or Wait?
By Austen Lansing
Times they are a-changing and these days we all have to become our own mortgage experts. So, is this a good time for a fixed rate mortgage? Today's market seems to be crying out for would-be home owners to negotiate for only one type of mortgage, and the advice must be clear: finance with fixed-rate mortgages.
In this financial climate, why would anyone do anything else, mortgage interest rates are at their lowest levels since May, in fact we're looking at rates last seen in the 1960s. Why such low mortgage interest rates? Why such low mortgage rates in the face of large balance-of-payments debts, rising oil costs, huge federal deficits, chaos on Wall Street and foreclosures in every state? This low rate is mystifying many financial analysts, especially as it is coupled with record high foreclosures.
Loan applications are up nearly 20% compared with last year, according to a report from the Mortgage Bankers Association. Could this be investors snapping up the foreclosures, or regular buyers taking advantage of the low rates? This is a puzzle, but prospective buyers just have to jump on the bandwagon, ours is not to reason why! Especially if we need a mortgage! So what about a fixed rate mortgage, what are the snags?
The obvious one that has to be addressed is that, paradoxically, mortgage rates have been spiraling downwards. Once we are locked into a fixed rate mortgage, we can no longer take advantage of a (possibly) dropping interest rate.
Therefore the big snag is that we could end up paying more than we need to. But the big advantage is that we will not suddenly have to accept a jump in rates that will mean that our repayments have zoomed out of our range.
The temptation therefore, is to take a variable mortgage rate and see if it goes down further. If you go this route, make sure that you can organize a quick change to a fixed mortgage and read the small print.
Sometimes the downside about a variable mortgage with a change option is this: the fixed rate that you can switch to can be a higher rate than a straight fixed rate mortgage.
As with many things in life, the type of mortgage we choose will probably reflect our personality. If we are optimists, or if we have a daring side to our nature, we may wait before we lock in.
If we are not the gambling type, and we really need to know that we can live within our budget in order to have peace of mind, then we will probably choose to lock in straightaway.
Austin is based in the Blue Ridge real estate area, and has extensive experience in both business and technology. Austin is happy to assist you if you're looking to invest in the Blairsville GA real estate market.
Article Source: http://EzineArticles.com/?expert=Austen_Lansing
http://EzineArticles.com/?Fixed-Rate---or-Wait?&id=879658
Best Refinance Mortgage Specific links
Kid In Space
- Watch as this kid gets launched into space
-- http://www.break.com/
New Rap Music
- Search Emerging Artists & Help Vote Them Into Stardom. Join Today
-- http://www.ourstage.com/
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
Octane TV
- Watch Free Motorized Videos. Drifting, Racing, Crashing Cars, Motorcycles & Hot Girls
-- http://www.octanetv.com/
Flow Tv
- Freshest music entertainment featuring the best of all things Hip Hop. LIVE peformances, VIP interviews & exclusive footage on demand.
-- http://www.flow.tv.com/
Best Refinance Mortgage News
Rescue of mortgage giants could hit $25 billion - The Associated Press
 Seattle Post Intelligencer | Rescue of mortgage giants could hit $25 billion The Associated Press - It's part of a plan to let hundreds of thousands of strapped homeowners refinance into more affordable, government-backed loans at fixed rates rather than ... Video: Paulson talks up mortgage plan US congressional analysts peg cost of propping up Fannie Mae and ... Loan giants' woes push rates up |
Inside Wall Street: That Ticking Sound You Hear Out in the ... - Money Morning
 The Consumerist | Inside Wall Street: That Ticking Sound You Hear Out in the ... Money Morning - If individual mortgage-holders opted out because they could refinance, that would shrink the size of the mortgage pool. Since trust-servicers are ... What It Takes to Get a Mortgage Now Loan program may help borrowers in trouble Imminent housing bill full of hope but few answers |
Auction to save woman’s home - HeraldNet
Auction to save woman’s home HeraldNet, WA - Her mortgage broker at the time told her she'd be able to refinance before the mortgage reset, but then the rules changed. Tightening lending standards left ... |
US MBA's Mortgage Applications Index Decreased 6.2% Last Week - Bloomberg
 BBC News | US MBA's Mortgage Applications Index Decreased 6.2% Last Week Bloomberg - The Mortgage Bankers Association's index of applications to buy a home or refinance a loan fell to 489.6 in the week ended July 18 from 522.2 the prior week ... Ahead of the Bell: Mortgage Applications |
Foreclosures set new mark - San Diego Union Tribune
 San Diego Union Tribune | Foreclosures set new mark San Diego Union Tribune, United States - That has made it difficult for distressed homeowners to refinance and fueled the rise in mortgage failures. “It would not surprise me if we peak in mortgage ... HOUSING: California foreclosures soar to 20-year high |
Wachovia announces $8.9bn loss and plans to cut 10750 jobs - guardian.co.uk
 Boston Globe | Wachovia announces $8.9bn loss and plans to cut 10750 jobs guardian.co.uk, UK - Wachovia has also said that it will help customers with Pick-a-Pay mortgages refinance into traditional mortgages. As part of today's announcement, ... Wachovia aims to unravel Pick-a-Payment problems Wachovia Corp. Q2 2008 Earnings Call Transcript As Wachovia stumbles, what does it mean for us? |
US lawmakers strike deal on housing rescue package - International Herald Tribune
US lawmakers strike deal on housing rescue package International Herald Tribune, France - Designed to bolster Fannie Mae and Freddie Mac, the biggest US mortgage companies, a provision drafted by the Bush administration was added to a broader ... Bush Reaffirms Veto Threat on Housing Bill If It Retains Locality ... |
Borrowers in default factor in CMT freeze - Stuff.co.nz
 3 News NZ | Borrowers in default factor in CMT freeze Stuff.co.nz, New Zealand - "We want to be able to work with these people so that they don't have to do these things under pressure and are given time to refinance. ... Freeze aims to assist cash-strapped borrowers |
LendingTree Names New Lender Sales Team - MarketWatch
LendingTree Names New Lender Sales Team MarketWatch - LendingTree provides access to mortgages and refinance loans, home equity loans/lines of credit, auto loans, personal loans and credit cards via ... |
Urban Commercial Mortgage provides $4.26MM Loan for a Multi-Family ... - PR Leap (press release)
Urban Commercial Mortgage provides $4.26MM Loan for a Multi-Family ... PR Leap (press release), CA - COM) Houston, Texas - Urban Commercial Mortgage announced that it originated a $4.26 million loan for HGC Properties to refinance a 140 unit apartment ... |