Should You Refinance to an Adjustable Rate Mortgage?
(via Home Loan Advisor) An adjustable rate mortgage (ARM) is a type of mortgage where the interest rate charged on the outstanding balance varies based on a specified schedule. The interest rate is initially fixed for a given period after which the rate is set periodically. There are many advantages associated with the adjustable rate […]
What You Should Know About ARMs
Adjustable rate mortgages, or ARMs, are mortgages with varying interest rates that are usually determined by performance of benchmark indexes. As the index rate changes, your rate of interest will be adjusted periodically. Here is a brief ARM glossary: Index- The index is essentially a guide that lending institutions use to measure changes in the […]
Should You Refinance?
Refinancing is not a decision to take lightly. If you are asking yourself if you should refinance, the answer is not as simple as a “yes” or a “no.” You should refinance depending on several factors, and before you start the process, you need to know if refinancing is right for your particular situation. It’s […]
Easy Refinancing Steps | You should follow them
Refinancing can seem like a daunting process, especially if you’re not sure you sure do it in the first place! Under the right conditions, refinancing your home mortgage can be a great financial move depending on your goals. Not only can you get a lower interest rate, you can switch from a 30-year mortgage to […]
When to Refinance a Mortgage
Refinancing can cost between 3 – 6% of the total value of a loan. The best time to refinance a mortgage is when the savings are more than prepayment penalties, refinancing costs, and other expenses. 1. To transfer their loan to a lender that charges a lower rate of interest There is a traditional refinancing […]
