October 12, 2009, 3:07 pm
Adjustable-rate mortgages sometimes come with an additional option to convert over to a fixed-rate mortgage within a certain time period, usually that is before the first five years. This is a great option to exercise if you see that the interest rates are on the rise and your initial period is closer than farther. However, interest rates are going to go up and down throughout the years, so sitting through the higher time period may be worth it because it will eventually lower. Though there are always exceptions and maybe a fixed-rate mortgage is something that you want instead to ensure a consistent monthly payment so that you can plan your finances accordingly. This conversion usually requires a fee and minimal paperwork, but the rate is automatically going to be higher than the market rate because of the “conversion” as opposed to starting with a fixed-rate mortgage. Visit Portland Mortgage Rates for mortgage tips and videos.
September 22, 2009, 1:26 am
If you are having trouble with credit card debt then you will know how frustrating it can be to have this hanging over your head. And its not just the fact you owe some faceless corporation all that money. The real problem is often the interest payments which are so large that you never actually pay any of your debt off even though you are giving them cash every month. You make your repayments and notice the money owed is the same every month when the new statement comes through the door.
One partial solution to this problem is to get yourself a zero percent credit card and transfer all your debt onto that. This will give you an interest holiday for up to 12 months when you only have to pay back the money you owe without the horrible interest being accrued every month.
July 19, 2009, 6:34 am
When you realize that the old mortgage that you took a few years ago has an interest rate that is double the interests you can get with new loans you need to find a solution. Since there is usually a closing cost involved with the mortgages that you prematurely end before the planned payment schedule ends, there are no closing cost home refinance loans that are intended for people in your situation. The company providing you with the new loan will take care of the closong costs of the previous loans and you will be on your way saving money by paying less interests. If you are lucky, you can save as much as $5000 per year depending on the size of the original loan, and the interest rates.
June 17, 2009, 5:42 pm
Well, after about two weeks of nothing but worsening of mortgage rates, the past handful of days has seen some very welcome relief. In fact, we have seen 5 days straight (at least so far today seems to be continuing the trend) of price improvements. Of course, this has come at the expense of the stock market, which is pretty normal. With stocks and bonds (i.e. mortgage bonds which is what is bought, sold and traded to create mortgage interest rates) competing for the same money, when one goes up it is at the expense of the other. So like so many things in life, the improvement we’ve seen in mortgage rates the past few days is all relative. If you have your money in the stock market, you may not be too happy with what has been going on. If you’re about to close on a mortgage loan… good for you!
June 12, 2009, 2:17 pm
When you are looking for a bad credit home loan mortgage refinance , you may be attracted to the advertisements for 0%-1% Financing. This can be a tempting offer but these ads are not always exactly as they appear on the surface. Before you jump in with both feet you should know that these rates are only temporary at best for most people. Although some people are able to obtain a low rate for a loan such as this, those rates are usually only stable for people with absolute perfect credit. If you aren’t one of those people, you should be aware of the fact that there may be future changes and increases in the interest rates. Before you are tempted to refinance your home for a lower rate, make sure you know all the details. If the rates are scheduled to go up significantly at some point in the future, you may actually be spending more in the end than if you had kept your original loan.
June 10, 2009, 6:51 pm
According to the Mortgage Bankers Association of America, the number of home mortgage applications taken last week dropped off because mortgage rates have been on the rise. No kidding? If you’re the least bit involved in real estate, like for example if you’re looking to buy a house, sell your house or even just trying to refinance your existing home loan, you would have to have been living under a rock to not realize this. This is about as surprising and ‘newsworthy’ as Adam Lambert (the most recent “American Idol” runner up who is the latest glamour boy) announcing that his is gay (which is something he did announce just the other day). In other words, neither of these announcements came as any kind of surprise to anyone with even a passing interest in the topic.
Specific numbers showed that mortgage applications fell about 7% for the week ending 6/5/09, which brought them to their lowest levels since February. Mortgage refinance applications fell 12% while the purchase index showed a gain of about 1%.
