Mortgage Loans

A loan to finance the purchase of real estate, usually with a payment period and interest rate. Two popular versions of a mortgage are the Fixed Rate Mortgage (as in “15-year fixed” or “30-year fixed”) and an APR (Adjustable Rate Mortgage).

What Is An Adjustable Rate Mortgage?

An adjustable rate mortgage (also known as ARM) differs from a fixed rate mortgage in two very important ways, and we will explore those in this article.

Adjustable rate mortgages differ from fixed rate mortgages in that the interest rate as well as the monthly payment will move up and down as market interest rates fluctuate. The rate that triggers all of this movement is usually the Fed Prime Rate.

Most adjustable mortgages have an initial fixed-rate period during which the rate does not change; this is followed by a much longer period during which the rate changes at preset intervals.

Posted in Mortgage Loans |

4 Simple Ways to Pay Your Mortgage Off Early

As housing prices have tumbled in virtually every major market across the country, the term “your home is your greatest financial asset” has not held true. I would like to share with you 4 simple ways to pay your mortgage off early so that you can avoid any future economic downturn.

Posted in Mortgage Loans |

Refinance Your Current Mortgage to Lower Your Points and Save

Your mortgage payment is most likely the most expensive payment that you make each month – and chances are that you can get a better rate that can save you hundreds on your monthly payment and thousands over the life of your mortgage. It may be time for you to join the many other homeowners who have refinanced their outrageous mortgages to more affordable terms. Refinancing just one point lower in terms of interest can lower your monthly payment significantly.

Posted in Mortgage Loans |

Resources For Finding The Lowest Mortgage Rates

The total amount you will pay for your home depends heavily on the interest rate you are offered. While it may not seem like there is a big difference between a few percentage points, even tenths of percentage points can equal hundreds or thousands of dollars when you are making such a large purchase. Of course, you will want to find the lowest interest rate possible, while not compromising much on other mortgage agreement characteristics. But how can you find the lowest mortgage rate? Here are some resources you can use:

Posted in Mortgage Loans |