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Home Mortgage Refinancing - should I refinance?
Why should I refinance and when does it pay to do so?
Refinancing can be worthwhile, but it does not make good financial sense for everyone. A general role of thumb is that refinancing becomes worth your while if the current interest rate on your...
Honey, I Eliminated The Mortgage Interest Deduction - Plan 2
A bipartisan committee has made two recommendations to President Bush regarding tax reform. In this article, we take a look at the second option.
Tax Reform
A year ago or so, President Bush decided to spend his political capitol on tax reform...
Refinancing Your Home Mortgage Loan
Copyright 2005 Dean Shainin You’re considering refinancing your home mortgage loan to save money. Interest rates are the lowest they have been in decades. But, you’re asking yourself, “Is refinancing worth my time and effort. Can I really save...
Residential Mortgage - Finding The Best Home Mortgage Lender
Most people approach the act of getting a home mortgage purchase or refinance loan the wrong way. They timidly approach lenders and cross their fingers that they will quality for that all-important loan. But that’s just the opposite of what most...
Why Paying Off Home Mortgages Is A Dumb Idea
If you're planning to refinance you're home or apply for a home
mortgage. This could be one of the most the best tips you'll
ever recieve. If you're like majority of the population which
applies for home mortgage and chooses to put a large...
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Have you considered a hybrid adjustable mortgage?
If you’re not sure if you should sign up for an adjustable rate mortgage (ARM) or a fixed rate mortgage, you’re not alone. It is very easy to get excited when thinking about your new home, and then get feel a bit deflated when it is time to start thinking about financing.
Part of the challenge for any home buyer is to reconcile the fact that the introductory rates on adjustable rate mortgages can be so low. In fact, they are often lower than the market rate, and considerably lower than the rates on fixed rate mortgages. Now, you can get an ARM and some of the benefits of a fixed rate loan with the hybrid adjustable rate mortgage.
A hybrid ARM is one where the rate is locked in for the first few years of the loan and then will go back to market rate at the end of the lock-in period. The lock in period is quoted up front and written into the adjustable rate mortgage contract. This period can vary from five years on up. Depending on your credit history, the amount of the loan, and your experience with your mortgage lender, you can negotiate lock in term as high as eight or eleven years.
This type of loan is ideal for anyone who plans to stay in their home for the first few years and then move to another place. Couples, young home owners, first time buyers and anyone who
is upwardly mobile. The average
American spends about nine years in their first home. If you fit into this profile, you can get a hybrid adjustable rate mortgage, get a fixed rate for the first five to ten years and then sell the home before the rate starts to fluctuate again.
If you were to get a fixed 30-year mortgage at the same that you’re considering the hybrid, it is unlikely that you would get a fixed rate that matches the teaser rate on the ARMs in the market. To take full advantage of this type of mortgage, you must fully understand that the rate will revert to the ARM levels at some point.
This means that you can count on a rapid and drastic increase in your monthly payment once the loan goes back to a full adjustable rate basis. If you plan to stay in the home for a very long time, your savings from the locked in period will probably be wiped out when the loan reverts to its adjustable status. You can consider a refinance, but that will also take some money out of your pocket. If you decide that you don’t want to sell the property, keep in mind that overall, your loan will still be an excellent choice for your financial situation.
About the Author
This article may be freely distributed as long as there is an active link back to http://www.rapidlingo.com
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