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Mortgage Loan Information - Know The Basics When You Refinance or Purchase a Home
from: Carrie ReederIf you are currently looking for a new home, chances are that in all the excitement you won’t really give any thought to the type of home loan mortgage you take out, instead going with the first one offered to you. This could be a serious mistake – costing you thousands, if not tens of thousands. Make sure you know all about the different types of home mortgage loans before you starting looking for that new dream home!
Here are some of the basic types of mortgage loans:
Fixed-rate home loan mortgage -
As the name suggests, this is a plain-vanilla home loan. Basically you borrow a certain amount over a certain period at a fixed rate of interest. You then pay the same monthly installments for the life of the home loan. The benefit of a fixed-rate home loan is that you can easily budget for the repayments. The downfall of a fixed-rate home loan is that you could end up paying a higher rate of interest than everyone else – no one knows what interest rates will be in 15-20 years time!
Adjustable-rate home loan mortgage -
Mirroring the fixed-rate mortgage is the adjustable-rate mortgage. Again, you borrow a certain amount over a certain period, however in this case the interest rate is not fixed, but is adjustable (or ‘floating’ as you may also hear it called). The upside to adjustable-rate home loans is that the interest rate at the start of the loan period can be lower than the fixed rate would be. The downside is that it is difficult to budget for, as the amount can change, and you are at the mercy of something outside of your control – interest rate fluctuations, which can change quickly.
Hybrid home loan mortgages -
Trying to fill the void left with the downside of the fixed and adjustable/variable-rate home loans, the hybrid home loan lets you fix the interest rate over the first part of the home loan, and then switch to an adjustable/variable rate later. The upside of hybrid home loans is that they allow you to budget for your repayments during the expensive time when you first buy the home. The downside is that if floating rates are much higher than your fixed rate when the switch happens, you could find you are paying a much higher repayment each month.
To see our list of recommended mortgage lenders with competitive rates for refinance, purchase loans, second mortgages, home equity loans and all other mortgage loans, visit this page Recommended Mortgage
Lenders
About the Author
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has informative articles and the latest finance news.
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Refinance Home Loans News
A Rush Into Refinancing as Mortgage Rates Fall - New York Times
 Christian Science Monitor | A Rush Into Refinancing as Mortgage Rates Fall New York Times, United States - By one account, the new program would be available only to home buyers, not to people who simply want to refinance their existing loan at a lower rate. ... Homeowners' Refinancing Jumps by Record Pace Marin homeowners jump on low mortgage rates Paulson Considers New Plan to Resuscitate US Housing Market |
FDIC's Bair warns investors fighting loan changes - The Associated Press
FDIC's Bair warns investors fighting loan changes The Associated Press - WASHINGTON (AP) — Investors in mortgage securities who are challenging home loan modification programs aimed at avoiding foreclosures could provoke a ... FDIC: Government idea won't help people in need |
Bernanke Says US Must Step Up Foreclosure Efforts (Update1) - Bloomberg
 BBC News | Bernanke Says US Must Step Up Foreclosure Efforts (Update1) Bloomberg - The Fed chief outlined four possible options, including buying delinquent mortgages and providing bigger incentives for refinancing loans. ... Bernanke calls for new steps to stem foreclosures Bernanke calls for measures to stem foreclosures Bernanke wants more action to curb foreclosures |
US MBA’s Mortgage Applications More Than Doubled Last Week - Bloomberg
 Yahoo | US MBA’s Mortgage Applications More Than Doubled Last Week Bloomberg - The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan jumped 112 percent to 857.7, the highest level since March, ... Mortgage applications up 112.1% last week, due to drop in rates: MBA UPDATE 1-US mortgage applications post largest gain ever Home Loan Applications Surge On Low Rates |
Home equity loan avoids fees of refinancing mortgage - ABC15.com (KNXV-TV)
Home equity loan avoids fees of refinancing mortgage ABC15.com (KNXV-TV), AZ - Refinancing would cost thousands, which seems like an awful lot for a loan of only about $80000. What should I do? A. You might consider a home equity loan ... |
Mortgage Refinance Applications Soar As Rates Fall - EasyBourse.com
 Sify | Mortgage Refinance Applications Soar As Rates Fall EasyBourse.com, France - Additionally, the US Treasury Department is considering a plan to revitalize the US home market by reducing mortgage rates for new home loans. ... Mortgage rates fall, but many borrowers will have trouble qualifying US move cuts mortgages to lowest rate since February Last Call for Smart Homeowners |
You can still refinance loans - abc13.com
You can still refinance loans abc13.com, TX - So much of the financial reporting has been negative, but for those who have good payment histories, now is a good time to refinance your home loan. ... |
Lower mortgage rates no silver bullet - CNNMoney.com
Lower mortgage rates no silver bullet CNNMoney.com - Those looking to refinance would not qualify. There's no doubt, experts say, that the government needs to provide incentives to home buyers. ... |
Home loan fraud still rising - MiamiHerald.com
Home loan fraud still rising MiamiHerald.com, FL - Even though it is now much harder to get a home loan in South Florida, mortgage fraud continued to flourish in the second quarter of this year, ... |
VA Specialty Lender Offers 100% Mortgage Refinancing - PR Web (press release)
VA Specialty Lender Offers 100% Mortgage Refinancing PR Web (press release), WA - A home valued at $250000 refinanced under the new guidelines can amount to $25000 difference in available cash refinanced under the VA Loan Guaranty. ... |