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According to recent reports, mortgage rates bumped up in the first week of July, 2011, as the investors set aside their concerns over the grave Greek debt disaster and became more confident about the US housing market. The 30 year mortgage loan rose 5 basis points to 4.71%, as per the [...] Refinancing your home may seem like an attractive option. Enticing rates on the television or radio can spark the urge for homeowners to consider refinancing their mortgage loans. Before you commit to anything you need to read about the problems with home mortgage refinancing. Yes, there are potential problems associated with refinancing your home loan. [...] You probably think you don’t have choice between a long or a short repayment term with your mortgage because you want to afford your monthly payments and you must you choose to spread your loan payments over a longer term of time, say 20, 30 years or more. Of course, a mortgage with a short [...] When financial institutions have all published their rates in 2008 and 2009, everybody known they would be at an historical low rate! For example, one can find a fixed closed mortgage rate for one year at only 3.90%. With those cuts in interest rates, there is nothing comparable since 1980. If you look to 5 years [...] In the previous articles, we saw that weekly mortgage repayment could save you more money than if you pay every month. Why? The explanation is simple and doesn’t change anything in the amount you have to pay. Given that there is less time between each payment (every week instead of every month), a portion of [...] Have you ever hear that it is better to repay your mortgage every week or every two weeks? Is that true that this strategy could save you a lot of money in interest fees? In order to understand this strategy, we have to define two different weekly payment options. The first one is the accelerated [...] Here is a way to take problems with a little humor, especially if they are related to subjects as important as home mortgage or loans…
Mortgage and loans problem solving flowchart In the previous article, we explain how works open home mortgages in relation with closed ones. We also discussed interest rates of that kind of mortgages. In this article, we will see examples to illustrate the difference. 1. Imagine you decide to take an open home mortgage of $100,000 and you think you will be [...] The only home mortgage that is repayable at any time without penalty is the open mortgage. And most of these have variable interest rates. Of course, some open mortgage have a fixed interest rate for 5 years, but this rate is very much higher. So, it might be not useful for you to get fixed [...] Very few people can buy their home cash… It is the reason why borrowing through a home mortgage loan is inevitable. And in order not to have too high monthly payments, you must assess your ability to borrow before shopping for your future beautiful house. A house can be very expensive. And you have to [...] As said the English philosopher Francis Bacon: “The real power is knowledge”. It is the main reason why our website is giving you information and advices to avoid problems and bad experiences related to personal finance (loans, home mortgage, insurance, etc.) The more you know, the better you choose… Thus, a third interesting point to [...] |
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Refinancing Home Mortgage Loan - 2012 |
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