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Home Loans
Buying a home remains the great American dream. Home ownership
rates have been exploding in recent years, spurred on by the
historically low interest rates in the home mortgage market. Home
prices have been rising at far faster than inflation, especially
in major urban areas such as San Francisco, San Diego and
Chicago. This means that not only can that home you've always
wanted put a roof over your head, but it can provide you with a
great investment as well. For people new to the mortgage market,
buying their first home starts with finding the best home
loans.
All potential homeowners should take some time to research
home loans before calling their local realtor. There are a
dazzling array of choices available when it comes to home loans,
and finding the right mortgage for your needs can be difficult.
Approach your upcoming home purchase with the same seriousness
you apply to other major purchases. Your home will most likely be
the biggest single investment you ever make. Take the time at the
beginning to educate yourself about home loans. It will be time
well spent.
Home loans are available from a wide variety of sources. These
sources include banks, savings and loan associations, credit
unions and mortgage brokers. Shop around at all of these sources
to find the home loans with the lowest interest rate and lowest
costs.
You will also have to decide between fixed rate home loans and
variable rate home loans. Variable rate home loans are often
advertised with extremely low "teaser rates". These rates are
used by lenders to get your attention and lure you in.
Before signing up for a variable rate mortgage, make sure you
find out what the interest rate cap is. Variable rate home loans
are usually based on an underlying interest rate, like the prime
rate. The interest rate you pay will typically be the prime rate
plus or minus a certain percentage. The variable rate mortgage
will have a cap above which the interest rate cannot rise. Find
out what that cap is, then use a mortgage payment calculator to
see what your monthly mortgage payment will be at that rate. If
you cannot afford the monthly payments at the maximum interest
rate, you may not want to take the mortgage loan. While it is
unlikely that interest rates will rise sufficiently to make the
maximum interest rate kick in, it is always a possibility.
Variable rate home loans can be a good choice if you believe
interest rates are likely to fall. In an environment where
interest rates are steady or rising, they may not be so good a
choice. You may also want to consider a variable rate mortgage if
you do not plan to stay in your home more than five years. For
instance, if your job transfers you every couple of years, you
could probably get away with a variable rate mortgage and take
advantage of the lower interest rate. When you move and sell your
home, you will probably realize a gain due to rising home
prices.
On the other hand, fixed rate home loans have a set interest
rate for a set period of time, generally either 15 or 30 years.
The interest rate does not change, therefore you will always know
what your monthly mortgage payment will be. You are protected
from rising interest rates with a fixed rate mortgage. If rates
fall significantly, you can always refinance your mortgage loan
to take advantage of the lower rates.
If you can afford the payments, 15-year home loans can
substantially lower the amount of money you will ultimately pay
for your home. When you run the numbers on a 15-year versus a
30-year home mortgage loan, you may be surprised at how
affordable the 15-year home loan can be. Your mortgage payment
will not double if you go with a 15-year mortgage versus a
30-year. This has to do with the affect of compound interest. You
are paying far less interest in the long run on a 15-year
mortgage.
Whatever type of home loan you decide on, the most important
thing is to take that step which transforms you from a mere
renter to a home owner and builder of equity. There are a great
many home loans out there, but once you find the right one, you
will find the rewards of home ownership well worth the time and
effort put forth.
Barry Stein is the owner of aWebBiz.com where he offers
cutting-edge tips on all aspects of business. To find more
advice, tools and resources to help you succeed in your business,
visit: http://www.aWebBiz.com
Barry's Internet Marketing Blog: http://awebbiz.com/blog
-------------------------------------------------------------
You have permission to publish this article electronically, in
print, in your e-book or on your web site, free of charge, as
long as the author bylines are included with an active hyperlink
to the aWebBiz.com website.
 MORE RESOURCES updated Thu. February / 09 / 2012
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Mortgage-refinance bill a dangerous dealArizona Republicby Robert Robb, columnist - Feb. 10, 2012 12:00 AM State Sen. Michele Reagan wants to help out underwater homeowners in the worst way. And she has succeeded with SB 1451 -- it's hard to imagine a worse bill. Reagan proposes to establish a state agency ... |
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AgedLeadStore.com to Add 1100000 Aged Mortgage Refinance LeadsMiddle East North Africa Financial NetworkCOM, January 26, 2012 ) Baltimore, MD AgedLeadStore.com is increasing its value for its customers by adding 1.1 million aged Mortgage Refinance Leads in February. This is important as many people depend upon their ability to refinance to make progress ... |
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RELATED MORTGAGE AND REFINANCING ARTICLES:
Guide to Flexible
Mortgages
Outlined below is a useful guide to flexible mortgages.
Flexible mortgages are also known as Australian Mortgages
because they usually feature something which is common in
Australia - interest recalculation on a daily basis.
Mortgage Glossary of
Terms
A brief list of some of the most common Mortgage
terms.Adverse Credit The term used if the borrower has a
poor credit history.
Home Equity Loans
Online
If you are in the market for a home equity loan, consider
an online lender. Home equity loans online are fast and
easy.
Bridging Loan
Basics
A Bridging Loan is a short-term loan used as a way to
provide funding for the purchase of a new property while
the borrower awaits the sale of an existing property.
Unless all the stars are in perfect alignment, it's tricky
to coordinate the sale of one property and the purchase of
another property in such a way that the transactions occur
simultaneously.
6 Things to Consider
Before Refinancing
Perhaps you're a homeowner in need of some quick cash.Maybe
you want to consolidate your debts so you have better
control of your money.
Think You Cant Get a
Mortgage?
You've finally found that dream home that you have always
been searching for, but you are afraid to apply for a
mortgage because you have bad credit or less than perfect
credit. Before you give up entirely, there are many mortgage
programs that are geared towards people just like you.
Thinking About
Refinancing Your Loan?
Refinancing your home or property is a big decision that
could drastically affect your financial future, for the
good or the bad, depending on how smart you go about the
process. Take the time to explore all of the different
refinancing options you have available to you.
Bad Credit Home
Financing - Get The Mortgage Loan You Want Even With Poor
Credit
Having poor credit alone cannot hold you back from getting
the home loan you want. Buying a home that is everything
you want in a home, is a very exciting experience.
Home Equity Increases $1
Trillion in Five Years - Is the Market Peaking?
A new survey reveals that in the last five years, the
equity in the California real estate market has increased
by more than one trillion dollars. A trillion dollars is a
large number to ponder, but put in concrete terms, it can
be represented by a stack of one hundred dollar bills that
is six hundred thirty one miles high! This astronomical
increase in California home values isn't all that unique,
however.
What Exactly Is A
Reverse Mortgage And How Does It Work?
A reverse mortgage is a certain loan that allows the older
generation to take their home equity and turn it into cash.
With this type of loan the bank is actually paying you
monthly out of the equity in your home.
What Length Mortgage Is
Right For You?
You've found the home that is right for you, and now you
need to do the same thing for a mortgage. There are several
options for people out there, each one designed for a
different type of buyer.
How to Utilize Your Cash
Investment in Your Home
Have you ever noticed how hard it can be to get to the
equity in your home?Recently I had a client come to my
office who had quite a bit of equity in their home. I'm not
talking about $50,000 or even $200k, I'm talking about over
$250k.
Online Mortgage in UK -
Introducing the Best Mortgage Plan Across UK
Add the term 'online' and it will open for you an
exhaustive assortment of opportunities. Add online to
mortgage and it will have the same effect.
Bad Credit Home
Loans
There was a time that seems like decades ago when people
with less than pristine credit were not able to get home
loans. At that time people with bad credit were all but
assured that their dreams of homeownership would never come
to fruition.
Real Estate Tip: Escrow
Accounts -- Do You Really Need Them?
If you have a mortgage on your property, whether it's for
your personal residence or a real estate investment,
chances are you have an escrow account. But if you are
working on building wealth through real estate, you may
want to take a hard look at your escrow account (or
accounts, if you own more than one piece of real estate)
and decide if you really need it.
What is a Flexible
Mortgage?
'Flexible mortgage' is a term that's used a lot, but what
exactly does it mean? A flexible mortgage allows the
borrower to make extra repayments when they have the extra
money and even reduce or skip payments should the need
arise. A flexible mortgage allows you to make extra payments
to reduce the amount outstanding on your mortgage thereby
reducing the interest you're paying or pay off your
mortgage earlier than planned.
FHA Home Mortgage
Purchase or Refinance Loan - Why You Might Consider Getting
an FHA Loan
Most borrowers have heard of FHA home loans. They are very
common.
Benefits of a
Remortgage
There are many benefits in choosing a remortgage, some of
which are listed below.A remortgage is changing your
mortgage without moving your home.
Know Your Mortgage
Options
While trying to find the lowest rates, many homeowners fail
to examine the type of mortgage, and which type of mortgage
is best suited to their needs. Whether you are buying a new
home or refinancing, it is important to understand the
different mortgage types, and evaluate which one best meets
your needs.
10 Things to Look for in
a Home-Equity Line of Credit
If you are a homeowner, you've probably received offers to
apply for a home equity line of credit (HELOC). Handled
with care, home equity credit lines can be an excellent way
to improve financial flexibility, provide readily available
cash reserves for emergencies, or pay for large expenses
(like college tuition or home improvements) that have
irregular payment schedules.
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