Interest Only Mortgage Loans by Louie Latour
Interest only mortgages can be a great way to secure short-term financing to purchase your dream home. Interest only mortgages are risky; you should know what you are getting into prior to taking out an interest only mortgage. Here are the basics of interest only mortgages. ... Mortgage Conversion At the end of the interest only period the lender will convert the loan to a traditional mortgage loan. ... This will result in a significantly higher mortgage payment. ... During the interest only period the mortgage payment is based on the interest due that month alone.

Time To Sell by Larry Potter
We all know it’s the American Dream to own a home. Ever since WWII ended and millions of US Servicemen came home, got married and found a place to live, the ideal situation was that they’d buy a small home to raise that family. NorthEast builders came up with the idea of “developments” and... If you were to hold that mortgage for all 30 years, you would pay 234,906 dollars in interest. ... Without going silly, we see that a 250K dollar house is going to cost us about 664,000 when we finally light that last mortgage payment on fire.

1st and 2nd Mortgage Refinance Loan - Why Refinance Both Mortgages? by Carrie Reeder
The hassle of making two monthly mortgage payments has prompted many homeowners to consider refinancing their 1st and 2nd mortgages into one loan. While combining both loans into one mortgage is convenient, and may save you money, homeowners should carefully weigh the risks and advantages before... To begin, refinancing a mortgage involves the same procedures as applying for the initial mortgage. ... Higher mortgage rates will cause your mortgage payment to climb considerably. ... Benefits Associated with Combining 1st and 2nd Mortgages Aside from consolidating your mortgages and making...

Home Mortgages by Eric Morris
A mortgage is like a loan that is taken by using a property as a security. Conventionally, a mortgage loan is taken to buy the same property that is also used as collateral. Mortgages are generally taken on real estate properties rather than other movable properties. ... Creditors charge some fees for giving a mortgage: entry and exit fees, administration fees and lender’s mortgage insurance. ... Ideally, there are two parties in a home mortgage: the creditor (who gives the loan) and the debtor (who takes the mortgage).

Atlanta Mortgage Rates by Jimmy Sturo
Based on interest rates, Atlanta Mortgages can be divided into two types namely fixed rate and adjustable rate loan. In the case of a fixed rate loan, a monthly payment including the principal and the interest will never change for the duration of the loan. ... For instance, the 30-year mortgage holds an interest rate of 5.3 percent in the case of Metro Atlanta's best home mortgages. ... In Atlanta, mortgage rates differ throughout the city-and throughout Georgia. ... A mortgage calculator gives you an idea as to how much a borrower has to pay every month for a home loan.

Disaster Decision - Do You Need Insurance? by Jakob Jelling
The expenses involved with owning a home can be overwhelming at times - routine maintenance, repairs, seasonal preparations, improvements. Not to mention taxes, fees, and all those monthly bills. Some homeowners, in trying to reduce their expenses, wonder if they really need disaster insurance. ... Homeowners that aren't in designated flood hazard areas should still know that floods can cause plumbing problems, like sewer and septic backups. ... But homeowners in those areas should carefully consider whether they really want to take the risk that their home and everything in it could be...

Home Mortgages: Should You Apply Now? by Douglas Hanna
If you’re thinking about applying for a new mortgage or refinancing your current mortgage, you might want to take action now. In its survey this week (the week of Aug. 1), Freddie Mac, the corporation that finances many of the country’s mortgages, reported that rates on 30-year, fixed-rate... So, if you need a new mortgage or want to refinance your existing mortgage, now could be a pretty good time. ... If you are thinking of refinancing your current mortgage, you might want to look into a 15-year, fixed rate mortgage.

Mortgage Loan - Adjustable Rate Mortgage ARM Basics by Louie Latour
If you are considering or have already used an Adjustable Rate Mortgage (ARM) to finance your home, you need to understand the risks inherent to this type of mortgage. Here is what you need to know about Adjustable Rate Mortgages. Adjustable Rate Mortgages are attractive to homeowners for a... The problem with Adjustable Rate Mortgages is that when the introductory period ends, your mortgage lender will adjust the interest rate at regularly scheduled intervals. ... What does this mean for mortgage interest rates?

Reverse Annuity Mortgages by Eddie Tobey
Reversed annuity mortgages are a great way to advance cash from your future to the present day. Reverse Annuity Mortgages (RAM), or reverse mortgages or home equity conversions, signify an arrangement in which a homeowner borrows against the equity of his home and in turn receives monthly... In the case of a reverse mortgage annuity, the total amount of cash one actually gets will depend on how long one lives. ... The place where one lives does not matter. ... Reverse mortgages by themselves are tax-free, but choosing annuity payments can affect one?s eligibility for Medicaid and Social...

New Fixed-rate Interest-only Mortgage is Increasingly Popular by Martin Lukac
With rising interest rates putting the pressure on adjustable mortgages, a new type of loan product is gaining in popularity. The fixed-rate interest-only mortgage gives the security of a fixed interest rate and the low monthly payments in the early years. ... Most mortgage companies point to first-time homebuyers as their biggest customer for the new product. ... Fixed-rate interest-only mortgages carry a higher interest rate than the traditional 30-year mortgage. ... Once the interest-only period ends, the homeowners can be hit with sharply higher monthly mortgage payments.