Home Mortgage

California Home Mortgage Refinance Loan California No Section


 

California Home Mortgage Refinance Loan California No Navigation


|

Stress and Anxiety Guide Home Page
Tell A Friend about us
Current Home Mortgage Interest Rates Co |
Best Refinance Home Mortgage Loan |
Home Mortgage Loan Calculator |
Current Home Mortgage Interest Rates Co |
Minnesota Home Mortgage Loan |
Us Home Mortgage Refinancing Rates |
Home Loans California Mobile Home Mortgage Lenders |
Home Mortgage Refinancing Hawaii |
Lowest Home Mortgage Rate |
Pennsylvania Home Mortgage Loan Rate |
Novastar Home Mortgage |
American Home Mortgage Company |
Minnesota Home Mortgage |
Home Mortgage Refinance Rates Us |
Va Fha Home Mortgage Loan |

List of home-mortgage Articles
Sitemap



Social bookmarking
You like it? Share it!
socialize it


Main California Home Mortgage Refinance Loan California No sponsors


 

Newest Best Sellers


 

Welcome to Home Mortgage

 

California Home Mortgage Refinance Loan California No Article

Thumbnail example. For a permanent link to this article, or to bookmark it for further reading, click here.


You may also listen to this article by using the following controls.

Part V: Learn About your Home Mortgage Options

from: Mark Mathis





Here are some things to consider with an ARM or a Hybrid ARM:



- Is my income likely to increase enough to cover higher mortgage payments if interest rates go up?



- How long do I plan to own this home? (If you plan to sell soon, rising interest rates may not present the risk they do if you plan to own the house for a long time.)



- Can my payments increase even if interest rates generally do not increase?



- What index will be used to adjust the mortgage rate? Ask the lender for a table showing movements in the index over the previous 10 years to see how your mortgage payments would have changed.



- How often will the interest rate be adjusted? Every year? Three years? Five years? The longer the adjustment period, the better you will be able to plan your future loan cost.



- What is the initial mortgage interest rate? Does it include a special discount or “teaser?” If so, you could face a large increase in your monthly payments when the interest rate is adjusted for the first time.



- What is the margin on the interest rate? The margin is the amount that the lender adds to the index rate to calculate your mortgage rate. For instance, if the index rate is 7 percent and the margin is 2 percent, your overall interest rate would be 9 percent.



- What limits or caps have been placed on the adjustments? One of the most important items to discuss with your lender is the maximum amount that your mortgage rate can increase in any single adjustment period and over the life of the loan. Find out the "worst case" situation in the event of a sharp increase in your index rate.



- Is the loan convertible? If so, is there a cost to convert? Convertibility allows you to change your ARM to a fixed-rate loan at some designated time in the future.



- Is there a prepayment penalty? If you refinance your loan with a new loan, you may be assessed a fee.



Finding the correct mortgage for your family's particular needs is a very important step in the home building process. Be sure to thoroughly research all available options, and speak to several home finance professionals prior to making a decision. Selecting the wrong initial financing option can turn out to be a costly one.



=============================================

Print entire article at:

http://www.houseplancentral.com/articles.php?id=18

=============================================




About the author:


Mark Mathis is a building designer and publisher of several stock house plan websites and informational resources including http://www.HousePlanCentral.com,
http://www.HousePlanGallery.com, and http://www.moneytalks-bswalks.com. Be sure to visit each site and subscribe to our eNewsletters to receive special offers, promotions, and subscriber-only features.










Other California Home Mortgage Refinance Loan California No related Articles

Know Your Debt Consolidation Options
Home Mortgage Loan Pre Approval Online Keys When Applying For A Mortgage Online
Home Loans
Credit Help For Renters And Others On The Horizon
Mortgage Prequalification

Do you want to contribute to our site : submit your articles HERE


 

California Home Mortgage Refinance Loan California No News