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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 term for [...] 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 weekly [...] 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 able [...] 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 rates. And [...] The secrets we are about to reveal you in the article could literally change your financial life in making you save thousands of dollars! Is it possible to shorten the amortization term of a 35-years home mortgage loan at 20 or even 10 or 15 years, often without paying more every year? Yes! OK. You just [...] Today, when you borrow a home mortgage loan, there is flexibility in the amortization periods that are available. Some banks have even created customized strategies. Some banks let you repay on a longer term than 25, say, 30 and even 35 years. But don’t forget, longer is the term of your home mortgage, higher is the interest [...] 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 consider [...] 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 talk [...] Another important point to consideris the renegotiation of your mortgage interest rates. Imagine you want to renegotiate your home mortgage loan in order to benefit from lower interest rates. Here is a common scenario: you meet the consultant at your bank. After reviewing your financial situation, he goes to see his supervisor he returned to you [...] There are often problems when you talk with home mortgage representatives from banks. Even if they do not seem to work for you, other banks would probably offer the same poor service… Ordinary people could often think they do not earn enough money to get good service: they are often disappointed. Here is the first important point [...] As we saw in the previous article, there are several ways to save enough money to get a good amount to pay on your home mortgage loan as down payment. Here is an example to save $35,000 for your down payment. OK. You decided to set aside $35,000 for your down payment, and you allow 5 years [...] In this article, we will talk about the best way to buy a new house and manage your down payment in order to pay less on your home mortgage loan and mortgage insurance. First thing to remember: the higher your down payment will be and the lower your home will cost you in the long term. [...] Home mortgage loan is probably a topic that affects many of us. After all, buying a home is complex and important and it is logical that it arouses emotions! Few years ago, you had to have 25% down payment to qualify for a conventional home mortgage loan. Then, federal government decided to encourage purchase of houses and change [...] In the previous article, we saw that there are several fees you have to pay in addition to your home mortgage loan when you buy a new house and every month. Let’s continue on this subject. Here is a universal trick in order to avoid bad surprises when you will buy a house: reduce [...] Besides your home mortgage loan, several costs are to be expected when you want to buy a house. It is the reason why prospective homeowners who are about to buy their first home should not forget fees associated with a new house. Before to start looking for the perfect house, you should first take into account [...] |
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Home Mortgage, Refinancing, Insurance, Loans, Credit Cards, etc. Financial Information Center - 2010 |
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