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Bad Debt Loans -A Four-Step Programme to Eliminate Debts.
Mr. Henderson would often think of times when he had a good
credit history and there would be a long line of loan providers
desirous of offering debt consolidation loans. Things took a
sharp turn after he underwent a few defaults and CCJs. This...
Cheap loans - dirt will seem costlier!
Loans culture has grown considerably in recent times. Like any growing industry, loans industry has healthy competition. This competition has furthered the cause of finding cheap loans in UK. Cheap loans are not offered on platter. There are tricks...
Debt Consolidation Loans - Defining the Pros and Cons of the Method.
Debt consolidation agencies allege that debt consolidation loans can help create savings for its customers by reducing the amount to be paid for debts. The manner in which this will be realised is not immediately comprehensible to most people. Why...
Home Loans -- The Hot New Product? The 30-year Mortgage
In recent years, the mortgage industry has introduced dozens of new types of loans. The needs of every borrower are different, so the mortgage companies have tried to come up with an answer for every problem. They’ve introduced 40-year mortgages,...
No credit check personal loans: when the best loan can't offset bad credit
If there was ever a life saving drug in the loan industry to
people with bad credit - it is personal loans. Bad credit
usually is not very keen to part with your credit history and
stays for 7-10 years depending on the severity of the...
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Fixed Rate Mortgage Loans - Understanding The Basics
Fixed rate mortgages are the most common type of mortgage loan
for home buyers. With predictable payments, long term homeowners
can plan their budgets and guard against rising interest rates.
But a fixed rate mortgage is not for everyone with its higher
interest rates and a reduction in your buying power.
Fixed Rate Mortgage Features
A fixed rate mortgage features set rates, long term low monthly
payments, and low risk. Interest rates are determined during
your loan application process. Rates are set by the market. You
can also lower your interest rate by paying points up front.
This option only makes sense if you stay in your home for
several years.
Long term low monthly payments are another benefit of this type
of home loan. Over time, inflation will raise the price of
everything except your mortgage payment. As your salary
increases, your mortgage costs will also take a smaller percent
of your income.
The low risk of fixed interest rates also appeals to borrowers.
You don't have to worry about rising interest rates or a balloon
payment. You can also repay your loan early, saving money on
interest payments.
Mortgage Terms
Traditionally, fixed rate mortgages were 30 or 15 year terms.
Now lenders offer a couple of additional options. 30 year loans
are still the most popular with their low monthly payments. A 30
year loan also enables you to qualify for more than shorter
loans.
15, 20, and 40
year mortgages are also options. 15 and 20 year
loans qualify for lower interest rates, but you will have higher
monthly payments between 10% and 15% compared to a 30 year
mortgage. Shorter loans also save you interest costs, appealing
to those who want their loan paid off before retirement or their
children go to college. 40 year mortgages are less common, but
offer low monthly payments with higher interest costs.
Biweekly mortgage, as the name implies, requires half your
mortgage payment every other week. At the end of the year, you
have made an extra mortgage payment. You can have your mortgage
repaid in 18 to 19 years. Most lenders also allow you to roll
over to a 30 year term with no penalties.
Fixed Rate Drawbacks
Even with their benefits, fixed rate mortgages aren't for
everyone. Alternative mortgages enable you to borrow more than
with a fixed rate mortgage. If you move in less than 7 years,
you will also probably pay more in interest payments than if you
went with an adjustable rate mortgage. Most homeowners move
within the fist 7 years of living in a house. You are also
locked into an interest rate that could drop in the future.
About the author:
See my recommended Home
Mortgage Lenders online. Carrie Reeder is the owner of ABC
Loan Guide, which offers help finding the best home mortgage loans.
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