7/1 ARM vs. 30-Year Fixed Mortgage: Pros and Cons

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 “30-year fixed mortgage vs. the 7-year ARM.” We all know about the traditional 30-year fixed – it’s a home loan with a 30-year duration and an interest rate that [&hellip

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18 Reasons to Refinance Your Mortgage

There are many reasons to refinance your mortgage, some obvious and some a bit more obscure and/or different. I figured I’d compile a list of the many reasons I can think of to refinance. Some of the situations are complete opposites of one another and will depend on your unique financial goals and/or risk appetite. [&hellip

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Why You May Want to Switch Mortgage Companies

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 “switched providers” (sorry, they’re British) when obtaining subsequent mortgages. This was mainly driven (53%) by the desire to get a better deal, aka [&hellip

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Do Mortgage Payments Increase?

Mortgage Q&A: “Do mortgage payments increase?” 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

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Jim Cramer Just Paid Off His Mortgage with Bitcoin Gains

File this one under bizarre, for several different reasons. Mad Money host Jim Cramer disclosed yesterday that “he recently paid off a mortgage using profits from his investment in bitcoin.” He apparently purchased a significant amount of the cryptocurrency back when it was trading at around $12,000, which was actually as recently as last October. [&hellip

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Renting vs. Buying a Home: 55 Pros and Cons

It’s time for yet another mortgage match-up, so without further ado, here’s a biggie: “Renting vs. buying a home.” Or a townhouse for that matter… This is certainly an intimidating question, and one that’s difficult to sum up in one post, but I’ll 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.

Why Do Mortgage Companies Want You to Refinance So Badly?

If you already have a mortgage, there’s a good chance you receive junk mail on a regular basis urging you to refinance. You may receive solicitations from both your current bank/loan servicer and from a competing lender or mortgage broker looking to acquire your business. But why do they want you to refinance your mortgage [&hellip

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Higher Mortgage Rates May Exacerbate Already White-Hot Housing Market

You’ve seen the headlines – mortgage rates have jumped from recent all-time lows. And they’re seemingly on an upward spiral that can’t be stopped. Except, they’ve 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

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When Will the Next Housing Market Crash Take Place?

I’ve noticed a trend lately. Everyone’s 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

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You Can Now Request COVID-Related Mortgage Forbearance for Up to 18 Months

Some good news for homeowners struggling to make ends meet thanks to COVID-19, which as the name implies has been going on for a while now. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, has just announced an extension to the COVID forbearance period, which was previously capped at 360 [&hellip

The post You Can Now Request COVID-Related Mortgage Forbearance for Up to 18 Months first appeared on The Truth About Mortgage.