![]() |
Home Equity Loans CategoriesFixed Rate Mortgages: These loans have a fixed rate of interest over the entire term for which the loan has been disbursed. The term for these mortgages is typically between 10 to 30 years. The monthly interest payment on these loans is fixed and hence there exists a certainty about the repayment of the debt over the entire term of the debt. Another advantage of fixed rate mortgages is that the initial down payment required is very low, generally around 5% of the loan amount to be disbursed. The disadvantage of this type of loan is that the rate of interest may be higher than that of a variable rate mortgage. If predictability of the interest payments is important, then it is advisable to consider securing a fixed rate mortgage. Adjustable Rate Mortgages (ARM): As the name indicates, the interest rate on this type of mortgage fluctuates throughout the term of the loan depending on the interest rate scenario in the economy. The rate for an ARM is usually adjusted annually. An ARM usually has caps, which restrict the rise in the rate to a certain level, both on an annual basis as well as over the entire term of the loan. For example, an ARM may have a cap of 1% every year and 5% over the term of the loan. This type of loan is best if the term of the loan is short, as the longer the term, the more the exposure to fluctuations in the interest rate. The index to which the variable rate is pegged should also be carefully considered. Thus a variable rate mortgage can work out to be a cheaper option than a fixed rate mortgage, provided the borrower has given due attention to the risks involved. Jumbo Loans: If the equity loan to be raised exceeds the federal guidelines set by Fannie Mae/Freddie Mac, then the loan is referred to as a jumbo loan. The limit set by the guidelines is different from state to state. The rates for jumbo loans are typically higher than those for other types of mortgages, as the lender has a higher risk due to the larger amount of the loan. The borrower should try not to exceed the guidelines, as this could mean a considerable savings in terms of interest outflows. Home Equity Loans - Rates, in depth articles and professional second mortgage advice. Find the lowest home equity loans rates and lenders.
Today's refinance rates move higher – August 8, 2022 Bankrate.com Mortgage Refinance Volume Plunges 80% -- but Could You Benefit From a Refinance Today? The Motley Fool Current National Refinance Rates: July 18, 2022—Current Refinance Rates Drop – Forbes Advisor Forbes Today’s 30-year mortgage refinance rates dive below 5% for first time in 42 days | August 1, 2022 FOX 6 Milwaukee Impac Mortgage Slashes Staffing Levels By 48% – NMP National Mortgage Professional Top Originator Spotlight: Inlanta Mortgage's Dave Hartman Mortgage Professional I Have an 808 Credit Score but It Took 3 Tries to Refinance My House Business Insider Title company 2Q earnings are a mixed bag National Mortgage News Trends in Mortgage Refinancing Activity Freddie Mac Today’s best mortgage refinance deal? 15-year rates are the lowest available | June 6, 2022 Fox Business Best Mortgage Refinance Companies of July 2022- Compare Refinance Rates | U.S. U.S News & World Report Money Refinance Calculator Bankrate.com Mortgage refinancing: Should you do it? Mortgage Professional Today’s 30-year mortgage refinance rates hold, but for how much longer? | April 4, 2022 Fox Business CARVER BANCORP INC Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q) Marketscreener.com When to Refinance Your Mortgage Business Insider Today's mortgage refinance rates: 3 key rates sink to money-saving levels | Jan. 24, 2022 Fox Business Today’s mortgage refinance rates: 20-year rates hold below 5% for fourth straight day | July 27, 2022 Fox Business Home refinance options for 2022 The Mortgage Reports Still time to lock in lower rates: 30-year mortgage refinance rates edge down | March 4, 2022 Fox Business Today's 30-year mortgage refinance rates hold steady, 3 others inch back up | March 25, 2022 Fox Business Today's refi rates fall – July 18, 2022 Bankrate.com Refinancing a reverse mortgage: What to know Fox Business Today’s mortgage refinance rates: Steady shorter terms offer best savings chances | March 17, 2022 Fox Business How to refinance your mortgage, a step-by-step guide The Washington Post Savings window opens wider: 30-year mortgage refinance rates dip again | March 31, 2022 Fox Business Today's mortgage refinance rates hold at bargain levels for 30- and 20-year terms | Jan. 7, 2022 Fox Business
|