NJ Mortgage

Posts Tagged ‘fixed’

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?
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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.

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Overview of the main types of mortgages and rates

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At Dominion Lending Centres, we understand that purchasing a home is one of life’s most exciting endeavours, and is also a very comprehensive one.

Canada’s largest banks, credit unions, trust companies, and financial intuitions have teamed up with Dominion Lending Centres to offer you lowest mortgage rates, products, and services that are only available through our mortgage professionals. For example, the Dominion Lending Centres mortgage product line has an array of home financing solutions that are only available to our mortgage professionals and their clients.

Through a proprietary low interest rate mortgage product line coupled with member training, technology, and a leading edge company, our mortgage professionals are the best equipped to serve you in fulfilling your homeownership dreams!

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What you can do to make sure you have the best mortgage deal? To fix or not to fix your interest rate? Where are interstrates going?

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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://www.kw.com/kw/ Learn about the ins and outs of the mortgage process, tips for getting the best rates and more.

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We pride ourselves on providing superior customer service and creating satisfied customers. We work hard to satisfy the mortgage needs and exceed the expectations of our customers.Our customers save money and close their loans quickly because we employ the most advanced mortgage technology available. In a rush? We welcome you to try our mortgage calculators! The Internet, advanced mortgage processing software, and automated mortgage underwriting systems are coordinated to speed the mortgage process and deliver the best rate and terms.

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2-3% refinance loan rate

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