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Mortgage - Harvesting Time for Consumers
from: Lance Williams
Mortgages are for a lifetime today and there is absolutely no trend of savings and 'burning the mortgage' party. Your home equity is more than enough to pay your expenses from. It is one bankable asset. Mortgages help you attain the home and also teaches you how to live by it. With mortgage rates plummeting down the roller coaster, the mortgage applications are rising. The refinance boom is still at large and the fear of being a bubble is slowly vanishing. Mortgage is the best secured loan and the cheapest option for financing.
Mortgage types : There is something for every one.
There is a jungle of mortgages in the market. Conventional mortgages have made way for hybrids. Lenders are continuously expanding their markets by following the mix- and- match policy and churning out customized mortgages with various terms and payment methods to match the borrowers' needs. With such rapid expansion and more mortgages types debuting, the home buyer has his hands full of choices-so many ways to that perfect dream home!
Mortgage refinancing : This is one option which helps you tap the equity in your home and also lock in the current record low rates. The best part is you can shift other debts to tax deductible housing debt. Refinancing can not only reduce your monthly cost but also you can draw out additional funds for other expenses.
Say, your house is worth $500,000 and your mortgage is locked at 6% interest rate. If you refinance it at 5%, earlier you used to pay $3000 every month now you will be paying only $2500 thus saving $500 every month.
Reverse mortgage : For those above 62 years, no income qualification involved, this mortgage helps you with monthly expenses and mainly medical bills which mount during these golden years. You don't have to make any repayments and you get a monthly income which is tax deductible.
Mortgages are for all seasons and all times. According to the Federal Reserve Survey of Consumers, the mortgage debt from households headed by age 65-74 has grown up to 47% from 24.74% on 1995. This is mainly attributed to the huge popularity of reverse mortgages.
Remortgage : Your financial conditions may not remain the same forever. A remortgage allows you to switch to a new deal and lock in lower interest rates and also better servicing from a new lender. According to a survey conducted by the Homeowner Show, 72.8% of property investors are considering a remortgage this year compared to 62.8 % who opted for it last year. Credit card loans and other personal loans which have interest rates as high as 18-30% can easily be paid off using remortgages with rates as low as 6%.
Mortgage Rates : You can either opt for a fixed rate or an adjustable interest rate. While the former as the name suggests remain fixed through the full term of the loan, the latter is adjusted according to the market rate annually or semiannually (according to what is agreed on).
After the recession in 2001 the ARMs have lost a bit of their popularity because certainty and security have become no. 1 on the priority list of the US. Yet the 1 year ARM has fallen drastically to 4.11% from 4.23 the previous week.
While other loans especially credit card loans have rates as high as 18% while mortgage rates hardly rise above 9%.Mortgages are being increasingly used to pay off credit card debts. You can even consolidate your debts and pay them off using second mortgages. These are also called home equity loan. The value of your home can be converted into liquid assets and you can use them any way you like- for education, home improvement (thus building home equity), meeting expenses, investing, etc.
Mortgage - the Next Track
Mortgages have held the US economy together even during trying times. Its robust growth has only the internet business as competitor. It has realized the dream of thousands of low income and minority groups to have home of their own. Though the new purchases have lean market, investors still prefer to put their money into mortgage backed securities which fund the entire housing industry.
Copyright © 2005 Lance Williams
About Lance: Lance Williams is an accomplished contributing writer for http://www.mortgagefit.com/mortgage.html presently working in association with http://www.mortgagefit.com/mortgage-amortization.html.He specialises in mortgage and real estate arena.
Best Refinance Home Mortgage Loan Rates News
Interest Rates 30 Year Fixed Mortgage; Interest Rates 15 Year Fixed Mortgage ... - Learning and Finance
Interest Rates 30 Year Fixed Mortgage; Interest Rates 15 Year Fixed Mortgage ... Learning and Finance Refinancing across America is gaining momentum and President Obama is leading the charge. His administration is working on accessing additional funding for financing mortgages via the Home Affordable Refinance Program. Best Execution Rates remain under ... |
Refinance Rates Hit New Lows and Applications Soar - LoanSafe
 Christian Science Monitor | Refinance Rates Hit New Lows and Applications Soar LoanSafe The Market Composite Index, a measure of mortgage loan application volume, increased 7.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 8.7 percent compared with the previous week. Mortgage rates: How low can they go? Refinances Surge on Record Low Mortgage Rates Mortgage applications jump as interest rates hit new lows |
Obama's Refinancing Plan Means Fee for Homeowners - Fox Business
 National Legal and Policy Center | Obama's Refinancing Plan Means Fee for Homeowners Fox Business The insurance allows homebuyers to borrow at lower interest rates, but the FHA tacks a 1.15% charge on top of the interest rate of most new mortgages it guarantees -- for the life of the loan. While the administration has yet to decide how to structure ... Reduce the principal to fix the housing mortgage crisis Barack Obama | Homeowners have earned a fair shake from banks CAR applauds Obama's proposal to help troubled homeowners |
BofA Stalls Refinance Work as Wells Is 'Open for Business' - BusinessWeek
 Bloomberg | BofA Stalls Refinance Work as Wells Is 'Open for Business' BusinessWeek The government's Home Affordable Refinance Program, which helps homeowners lower payments, has increased refinance applications and strained capacity at Bank of America, which exited some mortgage lines last year. The US program, now dubbed HARP 2, ... New HARP Could Help Up to 6.7 Million BofA Said to Put Off Refinancing Clients as U.S. Spurs Demand Reducing Your Mortgage Interest Rate |
Mortgage Bonds Face Eye of Storm as Refinancings Decline: Credit Markets - Bloomberg
 Bloomberg | Mortgage Bonds Face Eye of Storm as Refinancings Decline: Credit Markets Bloomberg At current mortgage rates, about 95 percent of the $2.8 trillion of 30-year loans packaged into Fannie Mae and Freddie Mac securities stand to gain from refinancing based on typical closing costs, according to JPMorgan analysts led by Brian Ye. REAL ESTATE: Refinancing program expands for Fannie/Freddie borrowers As Mortgage Refinancings Surge, Banks Struggle Ex-Fannie Mae Employee: Executives 'Philosophically Opposed' To Loan Forgiveness |
Rural Nevada Homeowners Can Lower Mortgage Rates - KTVN
Rural Nevada Homeowners Can Lower Mortgage Rates KTVN In order to qualify homeowners must be up to date on their mortgage payments for at least a year. They do not have to obtain new credit reports, property inspections or home appraisals. Refinanced loans must be at rates below the original interest rate ... Rural Nevada homeowners might be able to refinance your loans |