We’re proud to introduce the YOURgage http://www.quickenloans.com/home-loans/custom-mortgage-yourgage, a new program to customize your loan options to pic a fixed term that best suit your needs. At Quicken Loans, we want to help you find a loan that’s right for you. So, whether you’re looking to refinance or purchase a home, the YOURgage can help you find a fixed rate loan that fits your situation. Just one of the many ways Quicken Loans is Engineered to Amaze.
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http://Mortgage-Bad-Credit.us
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(Best Syndication) This video will explain various mortgage options including a fixed rate mortgage (sometimes called a FRM), an adjustable rate mortgage (sometimes referred to as an ARM), and interest only loans. Although fixed rate mortgages are usually more desirable, there are instances when customers may want to choose either an adjustable rate mortgage or even an interest only loan.
The interest rate of a fixed rate mortgage remains constant throughout the loan term. Payments are fixed and will not vary, and this amount is independent of the additional costs on a home including as property taxes and property insurance. Some lenders may require an impound account for both taxes and insurance. This benefits the lender by ensuring that these required payments are made.
If there is very little money down, the lender may require an impound account. But impound accounts can confuse the borrower who is not sure if those payments were actually made. In some instances they may continue to be billed by the county assessor and / or the insurance company.
Adjustable Rate Mortgages have become very popular lately. They are characterized by low initial payments which make it easier for the borrower to qualify. This allows borrowers to qualify and purchase larger homes.
The payments may be adjusted periodically with the interest rate tied to an index. Common indexes include the 11th District Cost of Funds Index (COFI), London Interbank Offered Rate (LIBOR), 12-month Treasury Average Index (MTA), Constant Maturity Treasury (CMT), National Average Contract Mortgage Rate, or the Bank Bill Swap Rate (BBSW).
Adjustable rate mortgages are usually easier to qualify for because the lender is protected from spikes in interest rates. But lenders and investors need to consider the default rates due to hybrid adjustable rate mortgages which offer an initial low payment period. After that period the loan payments are adjusted upward and may even double leading to defaults and foreclosures.
But what do the numbers mean in Hybrid mortgages? A 3/1 ARM means the payment is fixed for a 3-year period and a subsequent 1 year adjustment period. After a specified “reset date” the loan is free to adjust or “float” to the index specified in the loan documents.
When interest rates are high borrowers may prefer an adjustable rate loan. If a borrower feels that he or she may sell their home within five or maybe ten years, they may consider either an adjustable rate mortgage or an Interest Only Loan. If property values increase in that period the home buyer benefits because they invested less money compared to a standard Fixed Rate Mortgage.
Borrowers with Interest Only Loans pay only the interest for a specified period of time. Unlike Adjustable and Fixed Rate Mortgages, no principal is paid on the loan. At the end of interest only period the loan may convert to a regular amortized loan or a balloon payment may become due. The terms are spelled out in the loan agreement.
In the United States a five or ten year interest-only period is typical. After that time the loan usually converts to a regular amortized loan for the remaining term. For instance, a homebuyer may pay interest only for 10 years but then pays both interest and principle for the remaining 20 years of a 30-year loan.
Adjustable rate and interest only mortgages can help buyers qualify for larger loans and homes. There is a risk to both the borrower and note holder when the loan either resets or converts to a regular amortized loan. For this reason lenders will usually require a higher interest rate on these types of loans.
Homeownership offers many advantages when compared to renting. This presentation was not meant to be advice. Always consider all of your options and talk to loan and / or real estate professionals before making your decision.
Duration : 0:5:37
Buying a home is a major decision – so when it comes to choosing a mortgage, it makes sense to be informed of the options. Do you want a fixed or variable rate? An interest-only or repayment mortgage? And how long should the duration be?
Watch this video tutorial from ING’s Be Good at Money to find out more and visit us at www.ezonomics.com.
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http://autorefinanceloanrate.org/
2-3% refinance loan rate
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http://autorefinanceloanrate.org/
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http://www.valoantrust.com We specialize in va mortgage loans. Learn how to calculate va mortgage insurance in this video. We also handle va jumbo loans and va fixed rates loans
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Unless you wish to save money. Visit http://best-refinance-home-mortgage-loan-rates.com/
If you wish to refinance your mortgage, and are not sure if it is the right solution that will save you money.. This video and website link is for people who think refinancing their home loan. You can get some of the monthly payments down, or get a longer mortgage term, a change from 15 to 30 years will lower your payments. If you cannot pay the monthly bills then a foreclosure is a unwanted end to your home.
Some tax deduction is allowed for home loan interest you pay, so by refinancing you may have other debts covered, like student loans or credit card loans.
Bad credit refinancing –
Before you apply for a mortgage refinance you need to clear your credit score, or the lenders would not lend you the money, or give you a high mortgage rate. Every change in the precentage % means thousands of dollars over the mortgage lifetime.
Information tips and guidelines on refinancing your home loan. Check the refinance calculators and the Rent vs. Buy Calculator. Check if it payes of to refinance your mortgage | People ask should I refinance my mortgage now.. Check more here: http://best-refinance-home-mortgage-loan-rates.com/
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http://mortgagelocator.ca/blog/?p=498
In this video I explain the rationale for choose a fixed or variable mortgage in Canada.
Hi everybody, its Rowan Smith from The Mortgage Centre. Im going to tackle the biggest question I get every day: should I get fixed, or should I take variable, and whats going to happen. I dont have a crystal ball, but I do have several years in the industry it adds up to about 10 and while I havent seen the 80s since I was a kid, I do remember what was going on at those times and Ive still dealt with many clients that have told me stories.
Heres my opinion, for what its worth, and what I think you should be looking at:
First off, which strategy is best?
It depends on your situation.
Anybody that say otherwise is not worth the license on the wall. Your unique financial position dictates whether or not a variable rate is an option for you, and it dictates whether you should be taking a fixed rate.
Picture two people in exactly the same situation with mortgage amounts and income that are the same. The thing is: one guy is a commissioned person. The second guy makes a base salary. Obviously, the person that makes a base salary, that makes that amount of money can know its going to be there. The guy with the commissions doesnt know that.
Now, if they had to stretch, or even worse, if they needed the variable rate mortgage in order to qualify for that in the first place. If they need to take variable, so they know they can afford it, well, variable rates change. Rates rise. People in that situation should absolutely not be in variable. They should be in a fixed rate so they know what their payment is going to be, because they know that their salary is going to be a set amount.
Now, on the flip side, if somebody is buying well within their means, and they have the affordability of the payment; maybe the payments make up a very small percentage of their annual income, then they can take that risk that the rates are going to rise. They can afford to take a variable rate mortgage.
I myself have taken fixed rate mortgages on 2 out of 3 that Ive had. The reason being is, my income fluctuates. I want to know at least one thing is stable, and thats the payments. So I took the fixed rate.
People that have a risk aversion to possibly paying more, or are going to lose sleep over their rate possibly increasing: these are not good candidates for a variable rate mortgage. Sometimes its best to just take fixed if that will give you peace of mind and put your mind at ease, and also provide you with two, three, five, or ten years of price stability
You look at a payment right now that is $2,200. Im just grabbing this number out of the air. Look five years from now. Look ten years from now! What is $2,200 going to mean for the house that youre in right now. Is that going to mean a lot of money? Chances are, with inflation, job increases, wage increases, promotions, moving up within your career, that payment will present a much lower percentage of your overall income in 5 years. So if you are struggling to make ends meet, and youre looking at that mortgage payment that Im presenting you with and youre saying, Rowan, I dont think I can take a 5 year, I need to take a variable, then I dont think you should buy the house. Variable rates are not a way to lower your monthly payments so you can afford it, its a way to take a risk and take a lower payment, but face the upward chance that rates could rise, and thus your payment could rise.
It doesnt take a lot of rate increase just to make that payment quite high. If todays prime rate is two and a quarter, and youre in a variable rate at prime, and youre looking at it going, yeah, but I took a three year at 3.49%, well how much is that? Its a point and a quarter that rates have to move, FROM THE LOWEST HISTORICAL POINT THAT RATES HAVE EVER BEEN.
So what should you be taking today when all you have above you is rate room to move upwards ,with virtually no downward move, again:
It depends on your unique situation. Call me up, well go over your numbers, well go over your job, your career, what youre going to do in the next few years. Are you going to have kids? Is someone going on mat leave? Are you going to be leaving the country? Are you going to travel? These are all things which play into this. If its going to be a rental property, then perhaps your want to simply minimize carrying costs. If its going to be a home, then maybe you should be looking at keeping your costs stable so your housing is a fixed cost in your budget.
I dont know what your situation is, but I can certainly help guide you and coach you in what is best for you.
Anybody that doesnt look at your personal situation and just screams, variable is best and always best. You save the most! is absolutely providing dangerous financial advice and you should be asking around.
Duration : 0:3:55