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Mortgage Loans Explained In Plain English


With the many different kinds of mortgage loans out there, choosing the right one for your needs can be a difficult task. The following points will help you understand the pros and cons of the different types of mortgage loans available to you.

What are the main types of mortgage loans?

There are two main types of mortgage loans-fixed-rate and adjustable-rate mortgages.

A fixed-rate mortgage comes with an interest rate that will never change over the 15, 20 or 30 years that the loan will last.

In contrast, the interest rate of an adjustable-rate mortgage will change. The rates are usually attached to an interest rate index-the LIBOR rate (London Inter-Bank Offer Rate) is a popular one-and your payments will go up and down if the indexes change.

If I get a fixed-rate mortgage loan, what should I keep in mind?

Fixed-rate mortgages offer stability above all. You know exactly what interest rate you will be paying. If you think that your income is not going to change much over the coming years, or if you are planning to stay in your house for a long time, then a fixed mortgage loan is a good option for you.

On the flipside, stability comes at a price. You will initially pay higher interest rates than in an adjustable-rate mortgage loan and you will need to put a higher down payment (somewhere between 10 to 20 percent of the loan) into the mortgage. If you don't have enough money to afford a high down payment, you will need to get Private Mortgage Insurance (PMI), which will increase your monthly payments.

What should I consider when getting an adjustable-rate mortgage loan?

An adjustable-rate mortgage loan initially gives you a lower interest rate than a fixed one. Many loans give you three to five years during which you pay a low fixed interest rate, and then the rate begins to fluctuate with the market. Some loans will put caps on how much your rate can change from year to year to protect you from market fluctuations. The risk with this type of loan is that interest rates might go up, but then again, interests can also go down and your payments will go down with them.

If you are not planning to be at your house for the long haul or you are planning to sell, then this loan is a better option for you.

How can I compare different mortgage loans?

Mortgage brokers are required by law to provide you with an Annual Percentage Rate (APR). This figure adds up all your expenses (property taxes, insurance, loan fees, interest payments, etc.) and expresses them as a percentage of your loan. For example, a loan might have a one percent interest rate, but when you add all the extra expenses, you will actually pay 1.5 percent. The APR is the best way to compare mortgage loans and decide which one offers you the best deal.

How will mortgage brokers decide whether I can get a mortgage loan?

Mortgage brokers are looking for indicators that tell them that you can pay the loan back. Among the things they will look at are your credit history and whether you have had stable employment for the last two years. It is usually a good idea to ask for a copy of your credit history before you go to your mortgage broker.

Mortgage brokers use a formula called 28/36 to decide if you can afford your mortgage loan payments. This means that your mortgage payments cannot be higher than 28 percent of your income and your total credit payments (for credit cards or other loans, including your mortgage) cannot be higher than 36 percent.

Joel Meadowridge is the editor for the Mortgage Broker National Directory where you will find more information about mortgage loans and a directory of mortgage brokers located in major cities across the United States.


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Wed. April / 24 / 2019


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Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Refinance mortgage rate slides for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.


Refinance rates move higher for Wednesday  Bankrate.com

Multiple key refinance rates notched higher today. See what that means for your refinance.


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Mortgage rates fell 22 basis points last week to 4.06%, an event that will likely be a gamechanger for the refinance market. According to the latest report from ...


Refinance rates decline for Tuesday  Bankrate.com

Multiple closely watched refinance rates decreased today. See what that means for you if you're in the market for a home loan.


Refinance mortgage rate drops for Tuesday  Bankrate.com

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As mortgage rates drop, originations in refi territory could double  National Mortgage News

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Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan.


Refinance rates dip for Monday  Bankrate.com

Several benchmark refinance rates were down today. If you're in the market for a home loan, see what that means for you.


Mini refinancing boom is a boost for lenders  The Real Deal

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Several closely watched refinance rates advanced today. If you're in the market for a home loan, see how your payments might be affected.


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Multiple benchmark refinance rates sunk lower today. If you're in the market for a mortgage, see what that means for you.


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Mortgage rates up for Friday  Bankrate.com

Multiple benchmark mortgage rates climbed today. If you're shopping for a mortgage, see what that means for you.


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Mortgage Rates Continue to Fall – Market Update  Zing! Blog by Quicken Loans

Those in the market for a mortgage got a gift from the Federal Reserve last Wednesday. Unfortunately, the stock market wasn't nearly so happy.


Lower Mortgage Rates No Relief For U.S. Home Sales  Seeking Alpha

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Facing retirement with parent student loans? Transfer them to the kids  Los Angeles Times

It's not wise to use retirement funds to pay down student loans taken out on behalf of your children. Consider refinancing the debt so that the graduate can take ...


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Washington Prime Group Announces Execution of $180M Non-Recourse Mortgage Note Secured by Waterford Lakes Town Center  Associated Press

Press release *content* from Globe Newswire. The AP news staff was not involved in its creation.


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OpEd: Affordable Housing Requires A New Shape For The Mortgage Industry  Africa.com

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You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ...


Greystone Provides $7.5 Million Freddie Mac Loan to Multifamily Property in Charlotte, North Carolina  MultifamilyBiz.com

NEW YORK, NY - Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $7.5 million Freddie Mac Small ...


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Multiple benchmark refinance rates ticked downward today. If you're in the market for a mortgage, see what that means for you.


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Should You Refinance Your Mortgage?  Forbes

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Quarter of a million will struggle to refinance interest-only mortgages in next five years – Kensington  Mortgage Solutions

By January 2024, a quarter-of-a-million Britons will have reached the repayment date for their interest-only mortgage without being able to find a new deal ...


Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Mortgage application increase led by higher refinance volume  National Mortgage News

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Refinance mortgage rate moves lower for Wednesday  Bankrate.com

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Factors to weigh when considering whether to refinance your home  Washington Post

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Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

The Freddie Mac Relief Refinance Program (FMERR) allows homeowners to refinance with little or no home equity. Home value dropped since you purchased?


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Refinance rates fall for Wednesday  Bankrate.com

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Refinance rates retreat for Monday  Bankrate.com

Multiple benchmark refinance rates tapered off today. If you're in the market for a mortgage, see how your payments might be affected.


When Is a Cash-Out Refinance Loan a Good Idea?  U.S News & World Report Money

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Ellie Mae: Millennials' interest in mortgage refinance spikes  HousingWire

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