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.
There are many reasons to refinance your mortgage, some obvious and some a bit more obscure and/or different. I figured Iâd 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
The post 18 Reasons to Refinance Your Mortgage 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.
File this one under bizarre, for several different reasons. Mad Money host Jim Cramer disclosed yesterday that âhe recently paid off a mortgage using profits from his investment in bitcoin.â 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
The post Jim Cramer Just Paid Off His Mortgage with Bitcoin Gains 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.
If you already have a mortgage, thereâs 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
The post Why Do Mortgage Companies Want You to Refinance So Badly? 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.
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.