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Mortgage Rates
A fixed mortgage rate is generally considered the most desirable because it remains constant throughout the term of the loan and gives a measure of financial security. Fixed mortgage rates make financial planning more reliable as the home owner knows the exact amount of his or her monthly payment from the first day of the loan to the last. Whether interest rates rise or fall in the future, a borrower with a fixed rate will not be affected.
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Imperfect Credit
An adjustable rate mortgage is often chosen by borrowers with damaged credit
because of the following benefits:
- Lenient qualifying standards
- Low introductory rates
- Varied options for adjustment periods, allowing your rate to remain the
same for anywhere from one year to five years.
- Rate ceilings to keep your interest rate from rising to high
- Lower initial payments generally prompt lenders to approve larger loans
- When interest rate indexes fall, an adjustable rate falls as well, unlike
a fixed rate, which does not allow the borrower to benefit from dropping rates
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Home Construction Loans
Interested in building your new home? There are lenders that will finance 100% percent of the cost for materials, labor and land. Apply today to contact up to four lenders about your home construction loan.
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Rates
There are many different components to understand when you are trying to find the right loan. How long of a repayment period do you want? Do you qualify for a fixed rate? Is an adjustable rate better suited to your needs? Understanding the factors that create your loan can take the stress out of the decision making process and keep you from taking terms will eventually cost you money. Fill out our free short form to contact up to four lenders about your loan.
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Mortgage Calc
Primarily, a mortgage calc gives you your expected monthly payment, but it also shows you how a slight change can affect the repayment of your loan. A loan of $150,000 with a term of 30 years and an interest rate of 7% will have a monthly payment of $997. The calculator may also tell you that the total interest on such a loan would be $209,263. However, if you change the interest rate to 8%, the monthly payment increases to $1,100 and the interest increases to $246,232. This would mean that 1% made a difference of $103 every month for thirty years and a total of nearly $37,000 in payment of interest. Small changes in loan terms can add up, which is an especially important consideration for anyone looking in to refinancing.
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Mortgage Refiancing
Mortgage refinancing is the repayment of a current mortgage using a new mortgage. This new mortgage should have an interest rate at least 2% lower than the original rate or else it may not be worthwhile for the homeowner. By obtaining a loan with a lower interest rate, you should be able to save hundreds, if not thousands the time your loan is paid off.
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Refinancing Your Home
Refinancing your home loan can often be a terrific way to lower monthly payments and tap into valuable home equity in order to fund home improvement. Apply online today to contact up to four lenders about refinancing.
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