Welcome to Home Mortgages
Mortgage Norwest Article
This is a selection made from among articles on Mortgage Norwest. For a permanent link to this article, or to bookmark it for future reading, click here.
Mortgage Soup
from: J.StewartYou 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
Mortgage Norwest Specific links
Ripe Tv
- Hottest Video portal on the internet. Every Kind of Video - Supermodels, Martial arts, Cool shows, Pick Miss Ripe and More!
-- http://www.ripetv.com/
EBAUMS World
- Cippi, the farting chipmunk - A snake gets iced in Cippi's latest adventure!
-- http://www.ebaumsworld.com/
Free Online Kids Games
- Hundreds of fun free online games for kids.
-- http://www.alfy.com/
Atom Comedy: Great Moments In Human Interaction
- There are a small handful of moments in human life that are so perfect, so wonderful, so priceless that we strive to capture them forever on film. These are definitely not those moments...
-- http://www.atom.com/
Mortgage Norwest News
Housing Prices Continue to Decline Nationwide - MarketWatch
Housing Prices Continue to Decline Nationwide MarketWatch - Recent policy responses, from the Federal Reserve in particular, to purchase mortgage-backed securities are not likely to have a significant impact until ... |
WaMu center to stay open in San Antonio - Bizjournals.com
WaMu center to stay open in San Antonio Bizjournals.com, NC - Hassell says JPMorgan Chase will also keep open its own call center, located in Westover Hills in Northwest San Antonio. That center housed some 2500 ... |
Opening up shop in an economic recession - Port Orchard Independent
Opening up shop in an economic recession Port Orchard Independent, WA - She came to the Northwest and found her way to the commission-based real estate market after exhausting other options for work. ... |
Old-fashioned bank pioneers new-fashioned banking mission - Medill Reports
 Medill Reports | Old-fashioned bank pioneers new-fashioned banking mission Medill Reports, IL - The family originally had an 80/20 combination mortgage loan from another lender, in which the first 80 percent of the loan had an adjustable rate of 8.7 ... |
Scappoose sees biggest housing price slump - South County Spotlight
Scappoose sees biggest housing price slump South County Spotlight, OR - Molly Hruska, principal broker with Prudential Northwest Properties’ Scappoose branch, said the sub-prime mortgage fiasco and the resulting market sag are ... |
Low-Income Homeowners Not the Problem - Flathead Beacon
Low-Income Homeowners Not the Problem Flathead Beacon, MT - Greed is what drove mortgage brokers, Wall Street managers, investors and untold others who got caught up in the dark side of the housing bubble. Northwest ... |
Wallick & Volk Opens Branch in Bellevue, Washington - MarketWatch
Wallick & Volk Opens Branch in Bellevue, Washington MarketWatch - With our sights set on healthy and improving markets, we are making our first entree into the Great Northwest by opening a branch office in Bellevue, ... |
Deed transfers for the Dec. 1-28 edition - Ocala
Deed transfers for the Dec. 1-28 edition Ocala, FL - Adams Homes of Northwest Florida Inc. to George Smith. Deer Path: $189900. Federal Home Loan Mortgage Corp. to Debbie Deloach. Kingsland Country Estates ... |
House values 'bound to get much worse' - Seattle Post Intelligencer
House values 'bound to get much worse' Seattle Post Intelligencer - ... more-immediate Northwest Multiple Listing Service monthly report. The Federal Housing Finance Agency includes only loans through mortgage giants Fannie ... |
Mourning's charity gets go ahead to build affordable housing - Bizjournals.com
Mourning's charity gets go ahead to build affordable housing Bizjournals.com, NC - According to the resolution, funding will come from several sources: a conventional first mortgage; the sale of tax credits; gap funding from Miami-Dade ... |