Page 2 Home Buyer Articles
The Federal National Mortgage Association, most commonly known as Fannie Mae is part of the secondary mortgage market. Under normal circumstances the average consumer is never aware of the secondary mortgage market and has no reason to become aware of the many services provided by the secondary mortgage market.
One important feature of any adjustable rate mortgage is the annual review period. It is during this important time that the interest rate may be recalculated, and the monthly payments may rise or fall depending on the direction of the underlying interest rate.
It can often be hard to choose among the many different types of mortgage plans available today. At one time consumers had very few choices in home mortgage financing options; today however the options flourish and it can be hard for consumers to choose among the many different types of home mortgage financing plans.
In 1970, the U.S. Congress created Freddie Mac as a solution to the numerous housing problems the nation had been facing for the last decade. During that time it had become harder than ever for consumers to get a mortgage loan, due to the lack of available funds and when a consumer was fortunate to get a loan they were often subject to unpredictable and escalated interest rates.
In recent years, interest rates have been at historical lows. At the same time, consumers are carrying more debt than ever before. Given these two facts, it is no surprise that many homeowners are using the equity in their homes to retire their high interest debt.
Over the past few years, real estate has been one of the hottest areas in the financial world. More and more people are making the move from letting to buying, and as the housing market heats up, banks have come up with some very creative ways to allow potential home buyers to afford the home of their dreams.
One of the most important considerations for any home buyer considering using a variable rate home mortgage loan is the interest rate cap on that loan. All variable rate and adjustable rate home mortgage loans have a capped rate, a rate above which the mortgage interest rate cannot rise.
The mortgage market is very hot right now, and competition among lenders is rife. One of the many enticements used by lenders to lure mortgage shoppers is the discounted rate.
When shopping for a home mortgage loan, one of the most important decisions is whether to take out a fixed rate mortgage loan or to go with a variable rate mortgage instead.
A flexible mortgage can be a big help to the first time home shopper who never thought he or she would be able to afford a home of their own. There is no doubt that the housing market is hot right now, and many people are giving up their flats and moving on to a home of their own.
So called interest only loans have begun to pop up here and there across the mortgage loan landscape. These loans take advantage of the fact that home prices have been rising fast enough to allow home buyers to sell their homes and take advantage of the higher price when they sell.
A home is the biggest financial commitment most people will every make. The subject of monthly interest payments is an important one for buyers and sellers alike.
Its been hard to miss the housing boom that has been going on for the past couple of years. Home ownership rates have never been higher and interest rates have never been lower.
Adjustable rate mortgages, or ARM’s remain a popular option for many home buyers. Unlike a traditional fixed rate mortgage, adjustable rate mortgages have interest rates that fluctuate along with interest rates in general.
In the last few years with the economy in what seemed like it was going to be a perpetual recovery period, interest rates just kept dropping. So the temptation to refinance has remained strong.
One woman explained, “Each month I put the names of all my creditors in a hat and draw out their names. I make payments until I’m out of money. Your name just hasn’t been drawn yet.”
One of the most critical aspects to the process of purchasing a home, besides choosing the actual home, is deciding which type of mortgage will best suit the consumer. Most mortgages are made for 15 or 30 year loans.
When Obtaining a Mortgage Loan Many homebuyers, especially first time homebuyers, are so excited and nervous at the prospect of purchasing a home that they sit in the lender’s office, glance over a ton of official looking paperwork
Understanding mortgage terminology can be one of the most frustrating parts of purchasing a home. Not only are you nervous about making the right decision in which home will best suit the needs of you and your family, you also have the stress of committing to a long term loan.
The first step you will need to undertake when beginning to save for a mortgage down payment is to calculate approximately how much money you will need. Most down payments are calculated on a percentage basis of the total loan.
Understanding the role of equity in a re-mortgage Equity can be a tremendously important factor in a re-mortgage, especially if you are looking at re-mortgaging your home in order to raise some much needed cash. First, let’s take a look at what equity is and how you build it into your home.
2/3 of our wealth is wrapped up in Real Estate, property value exceeds our entire supply of gold and greenbacks by far, and the value of mortgages, trust deeds and land contract exceeds the value of all stocks and bonds!
It’s not uncommon in real estate to come across bad financial advice. However, on rare occasions that advise or counsel is so preposterous, it just begs to be addressed.
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