When shopping for a mortgage, it’s very important to pick a suitable loan product for your unique situation. Today, we’ll compare two popular loan programs, the â30-year fixed mortgage vs. the 7-year ARM.â We all know about the traditional 30-year fixed â it’s a home loan with a 30-year duration and an interest rate that [&hellip
The post 7/1 ARM vs. 30-Year Fixed Mortgage: Pros and Cons first appeared on The Truth About Mortgage.
Loyalty? Not in the mortgage business. That is, if you actually want to save money on your home loan. A few years back, an HSBC survey revealed that 52% of U.S. homeowners âswitched providersâ (sorry, theyâre British) when obtaining subsequent mortgages. This was mainly driven (53%) by the desire to get a better deal, aka [&hellip
The post Why You May Want to Switch Mortgage Companies first appeared on The Truth About Mortgage.
Mortgage Q&A: âDo mortgage payments increase?â While this sounds like a no-brainer question, it’s actually a little more complicated than it appears. You see, there a number of different reasons why a mortgage payment can increase, aside from the obvious interest rate change. But let’s start with the obvious and go from there. And yes, [&hellip
The post Do Mortgage Payments Increase? first appeared on The Truth About Mortgage.
It’s time for yet another mortgage match-up, so without further ado, hereâs a biggie: âRenting vs. buying a home.â Or a townhouse for that matter… This is certainly an intimidating question, and one that’s difficult to sum up in one post, but Iâll do my best to cover as many pros and cons for each [&hellip
The post Renting vs. Buying a Home: 55 Pros and Cons first appeared on The Truth About Mortgage.
Youâve seen the headlines â mortgage rates have jumped from recent all-time lows. And theyâre seemingly on an upward spiral that canât be stopped. Except, theyâve actually seen some improvement over the past few days, thanks in part to the recent stock market rout, coupled with an easing in the 10-year bond yield. Still, the [&hellip
The post Higher Mortgage Rates May Exacerbate Already White-Hot Housing Market first appeared on The Truth About Mortgage.
Iâve noticed a trend lately. Everyoneâs a real estate expert. It seems the most recent crisis and recovery has turned just about every single person into a guru on all things to do with home buying and selling. I suppose part of it has to do with the fact that the massive housing bubble that [&hellip
The post When Will the Next Housing Market Crash Take Place? first appeared on The Truth About Mortgage.
To mortgage folk across the country, itâs an age-old question: âLock or float?â Itâs a question loan officers and mortgage brokers get asked on a daily basis, often over and over again by panicked borrowers and first-time home buyers. And it might just be the most important answer a homeowner will come up with during [&hellip
The post Locking vs. Floating Your Mortgage Rate first appeared on The Truth About Mortgage.
You may have come across one of those articles lately that talks about how a couple paid off their mortgage in five years. Or some other absurdly-fast timeline. While it also sounds super enticing and perhaps inspiring, it’s often just a feel-good story that may not actually make a lot of sense financially. At least [&hellip
The post Why Does Everyone Want Us to Pay Down Our Mortgages? first appeared on The Truth About Mortgage.
In your endless search to find the lowest mortgage rates on the planet, you may be wondering which route will lead to the biggest savings. Should you go to your local bank, try your luck with an online mortgage lender, visit a credit union, or consult with an independent mortgage broker/banker? You’ve Got a Lot [&hellip
The post Do Mortgage Brokers Offer Better Rates Than the Competition? first appeared on The Truth About Mortgage.
If youâve been researching mortgages, or are in the process of taking out a home loan, youâve probably come across the term âimpoundsâ or âescrows.â When you hear these seemingly scary words, the loan officer or mortgage broker is referring to an impound account, also known as an escrow account. You may even be told [&hellip
The post Mortgage Impounds vs. Paying Taxes and Insurance Yourself first appeared on The Truth About Mortgage.