Mortgage Q&A: âWhat mortgage term is best?â Before you set out to snag the lowest rate on your purchase mortgage or mortgage refinance, youâll need to decide on (or at least narrow down) a mortgage term. I’m referring to the amount of time it will take to pay off your home loan in full. The [&hellip
The post What Mortgage Term Is Best? first appeared on The Truth About Mortgage.
Iâve already written at length about the pros and cons of a 15-year fixed mortgage, but some financial experts claim you shouldnât even buy a home if you canât afford this shorter-term mortgage option. You know, guys like Dave Ramsey, and perhaps more reasonable folks like that financial planner you visited recently. The problem is [&hellip
The post Should You Only Buy a House If You Can Afford a 15-Year Fixed Mortgage Payment? first appeared on The Truth About Mortgage.
Home is where the heart is, but itâs also a source of regular income for many retirees.
Mortgage Q&A: âWhy are mortgage payments mostly interest?â Hereâs an interesting mortgage question â pun intended. Payment Composition Over Time Most homeowners take out fixed-rate mortgages With monthly payments that don’t change over 30 years While the mortgage payment stays the same The amount that is allocated to principal and interest changes monthly The way [&hellip
The post Why Are Mortgage Payments Mostly Interest? first appeared on The Truth About Mortgage.
Thereâs been a lot of talk (and worry) that the higher mortgage rates of late might derail the apparent housing market recovery. After all, many believe the only reason things were improving was because of the ua-low rates the Fed facilitated with the likes of QE3. Without them, some argue, home prices would have to [&hellip
The post Everyone I Know Is Trying to Refinance first appeared on The Truth About Mortgage.
So I received an unmarked piece of mail the other day, and whenever that happens, I know itâs going to contain some kind of nonsense. Upon opening the letter, which I could have easily just thrown away, I discovered that it was a mortgage solicitation. Fun! More specifically, it was a refinance offer from a [&hellip
The post Iâve Been Offered the Opportunity to Skip Two Mortgage Payments first appeared on The Truth About Mortgage.
The once unstoppable refinance market is expected to cool considerably next year, according to the latest quarterly refinance report released by Freddie Mac this morning. The mortgage financier expects rising interest rates to put a damper on home refinance activity, which experienced a major boom from 2009 to 2013, thanks in large part to Fed [&hellip
The post Refinance Share of Mortgage Market Will Slip to 40% in 2014 first appeared on The Truth About Mortgage.
If youâre thinking about buying a home with a mortgage loan, you may automatically gravitate toward a 30 year mortgage. These types of mortgage loans are, after all, the most common options for home buyers due to the low-interest rates, lower payments, longer term and other perks. There are several other options aside from a […]
The post The 15-Year Mortgage: Pros and Cons appeared first on The Simple Dollar.
How Much Lower Should Mortgage Rates Be to Refinance? Unfortunately there is no one-size-fits-all answer Because no two loan scenarios are the same You have to factor in existing home loan details And future plans/financial objectives/tenure in home, etc. If youâre considering refinancing your mortgage, you may have searched for the ârefinance rule of thumbâ [&hellip
The post The Refinance Rule of Thumb first appeared on The Truth About Mortgage.
One of the things prospective home buyers and existing homeowners seem to care most about is mortgage rates. And for good reason – the interest rate you receive on your home loan dictates what you’ll pay each month, sometimes for as long as the next 30 years. That’s 360 months! The rate you receive can [&hellip
The post Use These Mortgage Charts to Easily Compare Rates first appeared on The Truth About Mortgage.