If you can place yourself in the enviable position of applying for a mortgage for your own home, count your blessings. Credit is tight right now and current homeowners can typically only refinance their mortgage loan. They certainly don’t have any chance of selling their home at a profit.
Banks Are in Hot Water
A few bad apples can certainly ruin a harvest. For many years, the banking community pushed adjustable rate mortgages on applicants that could ill afford any mortgage at all. These shenanigans set off the housing market meltdown that is responsible for starting the global economic chaos.
Take care and due your homework to accept the best situation possible. A source Read the rest of this entry »
Many people who buy houses get 30-year fixed mortgages to make the purchase, because they are considered to be the industry standard. If you’re not planning on being in your house for 30 years, why is your mortgage a 30-year loan? In reality, you may not need to get the traditional 30-year fixed mortgage to buy your house.
Using ARMS for Short Term Home Ownership
If you plan on selling your house at some point in their future, it may not make sense to get a traditional 30-year fixed mortgage. One alternative is an adjustable-rate mortgage or an ARM. Read the rest of this entry »
Due to the recent disastrous experience in the mortgage market, banks have become much more cautious in their lending practices. While it is not as easy to qualify for a mortgage today as it might have been five or six years ago, there are still plenty of options available for homebuyers looking to finance a house.
A borrower with excellent credit has a wide array of different types of mortgage products from which to choose. There are the traditional 30 and 15 year fixed loans. There are variable loans and loans that have a balloon payment. While each individual buyer must evaluate the appropriateness of a given type of loan based on their own personal circumstances, in many cases, it makes sense to seek an adjustable rate mortgage (ARM). Continue Reading >>