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Home Mortgage Loan Refinancing Online - 3 Tips On Refinancing Your Home
When refinancing your home, it's helpful to know a few things about refinancing. When you refinance, you usually pay off the old loan and sign for a new loan, whether you are refinancing your 1st mortgage, second mortgage or home equity loan. The...

How To Save Thousands On A Mortgage Or Any Other Loan
Interest on the average home mortgage will cost the homeowner nearly TWO TIMES the cost of the home. If you were to purchase a $150,000 home with a $120,000 mortgage (80%), and you paid an interest rate of 9% for 30 years, you will have paid over...

Mortgage suiting you best today
Several mortgage products are on offer today. The big question arising in the mind of the mortgage seeker is: which is the best bet? In the various states of the U.S. the interest only mortgages and adjustable rate mortgages (ARMs) have...

Poor Credit Mortgage Refinance - Refinancing Your Home After Your Credit Score Has Dropped
You can still refinance with bad credit, but you will need to shop around. Each refinance application is looked at on an individual basis. So even if you have bad credit, other factors could qualify you for a low interest rate. However, if you...

The Zero Down 80/20 Mortgage
This is an excellent loan for those that are lacking the down payment required for other types of mortgages. The 80 20 mortgage is simply two loans for 100% of the purchase price. It is a first mortgage at 80% of the purchase price with a...

 
Short-Term Interest Rates on the Rise Adjustable Rate Mortgage Holders Prepare for Increase in Interest Rates

Interest rates are on the rise and many home owners who have adjustable rate mortgages may see increases in their forthcoming annual adjustments.

Federal Reserve Chairman Alan Greenspan made it clear in 2004 that the Federal Reserve would be increasing short-term interest rates at a “measured pace.” With the US Dollar at its weakest point in seven years, oil prices unstable and the evaluation of other economic indicators, the Fed Funds Rate was hiked seven times from 1.0% to 2.75% since June 2004 in an effort to curb inflation. Some economists believe it won’t stop until the Fed Fund Rate hits 4.0%.

Consumers with revolving debt accounts tied to the prime rate have seen the effect through rising interest rate charges, as the prime rate always rides 3% above the current Fed Funds Rate.

Mortgage interest rates are affected indirectly by these changes. An increase in the Fed Funds Rate has an impact on financial markets as a whole, but mortgage rates may go up or down based on the perception investors have of current economic statistics and their reaction to the Federal Reserve’s after-meeting statements.

In general, when economic data indicates we have a slow-down occurring in our economy, investors tend to sell off stocks and reallocate that money to the safe haven of bonds and mortgage-backed securities. The purchase of mortgage-backed securities drives interest rates down. When economic data says there is growth in the economy, the stock market typically rallies and mortgage-backed securities sell off to fuel that stock market rally. This drives mortgage interest rates up.

Our current market reflects the reaction of investors reading between the lines on comments made by the Fed, and mortgage interest rates are going up. This will have an affect on home owners with adjustable rate mortgages (ARMs) tied to indexes that are based


on short-term interest rates. This includes the 11th District Cost of Funds, 12-Month Treasury Average (MTA), London Inter Bank Offering Rates (LIBOR) and others.

This doesn’t mean that everyone with an adjustable mortgage is in trouble right away. Some indexes are more volatile than others. COFI moves much slower than other adjustable rate indexes, while the LIBOR fluctuates with more volatility. But remember, when an ARM adjusts, the new interest rate is a sum of the borrower’s fixed margin plus the current rate of the index the mortgage is tied to.

Consumers who foresee paying an interest rate that is significantly higher may want to consider refinancing to take advantage of the stability of a fixed rate mortgage.

This is also a good time for borrowers who started out in an adjustable rate loan due to a poor credit score to transition into a fixed rate loan if they can. Once a track record of making mortgage payments on time and in full has been established, this should have a positive effect on the credit score and there’s a good chance the borrower may now qualify for a loan with a lower interest rate.

As with any decision to refinance, it is important to take the terms of the existing loan, the cost of the new loan, and the borrower’s long-term needs into consideration. A qualified mortgage professional should help weigh out the options by providing a clear assessment of available loan programs for the consumer.

About the Author

Mical Johnson is affiliated with Rock Financial, Inc., a Licensed Correspondent Mortgage Lender, Florida Department of Finance. Free consultation and a 10-Year History of ARM Indexes are available by calling. You my also obtain a free copy of Mr. Johnson’s Home Buyer Handbook by contacting him at www.TampaMortgageGuy.com He is also a contributing author at www.Debt-Free-Personal-Finance.com

 

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LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance
Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online.
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Calculators - Refinance Calculator
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Refinance | Mortgage Loans | Home Equity Loans
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Mortgage Refinance - Debt Consolidation Loan - Mortgage Loans ...
iMortgage Central is a borrower's marketplace that provides the consumer a connection with mortgage lenders that match them to their individual needs.
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Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans
Online lender offers simplified residential loans and competitive mortgage rates. Headquarters in Livonia, MI.
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Mortgage Refinance Calculators and Mortgage Tools - Quicken Loans
Mortgage refinance calculators from Quicken Loans allow you to calculate your mortgage payments for a variety of refinance loans, home loans, ...
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Mortgage Refinance Calculator
Mortgage Refinance Calculator. As those interest rates drop, it's often difficult to know when it's to your advantage to refinance your fixed-rate mortgage. ...
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Mortgage Refinance Costs
Mortgage Refinance Costs. When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay ...
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Bad Credit Mortgage Refinance,Bad Credit Home Loans,California ...
Bad credit home loans,California mortgages,Debt Consolidation Home Loans, Refinance Home Loans, Refinance Mortgage Interest Rates,Second Mortgage solutions ...
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Directory: mortgage refinance
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Mortgage Refinance Home Loan - Homeloancenter.com
Our Mortgage Refinance Home Loans allow you to get cash out with a Low mortgage Rates from the leading online lender. Bad Credit Loans are ok.
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Mortgage Refinance & Credit Card Rates
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Home Loan Center - Home Equity Loans | Mortgage Refinance | Bad ...
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Mortgage Refinance Options : Cut Your Rates with a Loan Refinance
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Wells Fargo Home Mortgage - Refinancing
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What is a Mortgage Refinance
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