Second Mortgages Can Cap Housing Costs
In these times of rising interest rates- second mortgages or first mortgage refinancing might be just the thing to keep your housing costs from going through the roof. In a recent article in Parade Contd...
“Will Your Mortgage Rate Go Up?”
“If you have a fixed-rate mortgage- you have nothing to worry about. But millions of home owners are sitting on a financial time bomb: Their monthly payments are preset to skyrocket sometime in the next 18 months. These owners have hybrid adjustable rate mortgages (ARMs)- which start with a fixed rate for three to 10 years but later are adjusted annually.
“Let’s say you bought a house in 2003 with a $200- 000 three-year hybrid ARM. For the first three years- your rate was about 3.8% and your monthly payment was $930. But this year- your rate could be reset to 7.3%- says Greg McBride- senior analyst at Bankrate.com- a personal finance site. That means your monthly payment could jump to $1- 334.”
Finance
Second Mortgages Can Cap Housing Costs
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Locating a Down Payment If you are a saver- and many of you are- than the need to locate a down payment will not be an issue for you. But there are also many of us out there that have not had the...
Online mortgages it's Childs play
Copyright 2006 Nicholas Marr The future is here and its now time to change the way you are going to look for a mortgage. Search and find mortgages online is the modern way to get the best mortgage f...
“If you plan to stay in your house 10 years or longer- a fixed-rate mortgage is worth the extra cost to avoid rate increases. A hybrid ARM is a little less expensive- but you are vulnerable to future rate hikes- so look for one whose fixed rate lasts as long as you expect to stay in the house.”
Benefits of Fixed-Rate Second Mortgages
Fixed-rate second mortgages can be less expensive than refinancing first mortgages. They usually have lower annual percentage rates (APR) than other forms of borrowing and they can save on taxes because the interest on mortgages is deductible. Second mortgages are also easier to get than unsecured loans or lines of credit.
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Like a first mortgage- a second mortgage payment consists of principal and interest. Unlike a first mortgage- nothing is put into escrow to cover expenses such as homeowner insurance- property taxes and Private Mortgage Insurance.
Applying for a second mortgage is often faster than refinancing a first mortgage and requires a lot les paperwork. It’s safe and secure to apply online from the convenience of your own home.
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If you have bad credit- you will be charged a higher interest rate- but according to The Equal Credit Opportunity Act- you cannot be denied a loan on the basis of race- color- religion- national origin- sex- marital status or age.
To get current rates on mortgage refinancing- visit Easy Second Mortgages. For a competitive second mortgage quote- check out Easy Mortgage Refinancing.
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