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Mortgages - An Important Date
By Charles michael Challiner
A helpful reminder from your mortgage broker may be just what you need to save yourself a whole lot of trouble.The FSA (Financial Services Authority) is very happy with the way rules for Read more...
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Is Your Mortgage Payment Too High? Here Are Several Options For Homeowners
By Rod Davis
Many homeowners find themselves in a situation where they are having a hard time making their payments. Other homeowners may simply want to know how they can get a better rate instead of giving their hard earned money to their lender. Either way a
lower payment is only good for your pockets.
If you own a home and you want to lower your payment, here are some of the options you may want to consider.
1. Refinance to a Lower Fixed Interest Rate
If you have made your payments on time, you may simply be able to refinance your loan at a lower interest rate provided you have a better credit history than when you first financed your loan. If you have bad credit, this is probably not an option for you because your interest rate will probably be higher.
If you choose this option you want to aim for a loan that will lower your interest rate at least 2%. This loan is usually worth absorbing the costs of refinancing. But remember, this is only in the case of a simple rate/term refinance.
2. Refinance to a longer Term
Another way to lower your monthly payment is to refinance to a longer term. This can be counterproductive because you end up paying more and longer on your mortgage. But if you really need a lower payment, this is an option you can pursue.
If you choose this path, try to extend your term as little as possible in order to minimize the balance and length of time you pay your loan back.
3. Refinance to an ARM Mortgage
An ARM or an adjustable rate is another way you can also lower your monthly payment. You can get a low interest rate for 1,3,5 or 7 years before your adjusts to a higher rate. If you choose this type of loan, make sure you preserve a good payment history so you are in a position to refinance your loan before your rate goes up.
4. Refinance to an Interest Only Loan
An interest only loan is another way you can refinance to a lower payment because you are only paying the interest on the loan and no principle. This means at the end of your loan term, you will owe the entire balance of the loan. The loan balance does not go down because the principle is never paid down.
This will help give you a lower payment, but is actually a dangerous loan if you dont know how to take advantage of its benefits. In order to take full advantage of this loan, you need to invest the money you save and maximize the tax advantages of paying the interest. This is only if you plan to keep the loan for the entire term.
If you only need to get a payment for a couple of years, you can refinance to another type of loan where you are building equity at a later time.
5. Get a Deferred Interest Mortgage/Negative Amortization
This is a loan where the payment does not cover the amount of interest due on a loan. As a result the balance actually rises. This becomes a very dangerous loan for those who dont know how to use it properly.
This loan is also used by those who want to maximize the tax benefits and increase the investment potential of their dollars. Some people simply invest the money they save and end up with much more money after their loan term than those who simply payoff regular 30 year mortgage.
6. Get
California Mortgage Refinancing - California Refinance Rates
Avail the benefits of California mortgage refinancing. Also find how to secure best California home mortgage refinance rates which helps you find the best mortgage solution for your home financing needs to fit every situation.
California Home Mortgage Loan Refinance : California Home Loan Refinance
Lowest rates available on California home loan mortgage refinance and refinance your mortgage while rates are low. Get California Home Interest Loan Refinance quotes online.
California Adjustable Rate Mortgage Loans: ARM Loans CA
In California adjustable rate mortgage loan (ARM) programs, the risk of fluctuating interest rates is shared equally between the borrower and the lender.
California Bad Credit Mortgage Loans
Bad credit OK! Find California mortgage loans to purchase your home, consolidate your debts-even save you from the edges of bankruptcy-and get yourself on the path to financial freedom.
California FHA Loans : California FHA Home Loans
California FHA home loan is the best way to finance your home. Find how to secure best terms on California FHA home loans with a reliable lender.
California FHA Home Mortgage Refinance Loans
California FHA home mortgage refinance loans with very competitive interest rates are great for low and moderate-income families who are trying to make the transition into home ownership or even borrowers with less than perfect credit.
California FHA Mortgage Refinance : California FHA Loan Limits
California FHA mortgage refinance would help the homeowners Struggling to keep up with your California adjustable rate mortgage and as many people as possible purchase their own homes in California by increasing fha loan limits that made it easier than ever before.
California First Time Home Buyer Loans
California first time home buyer loans provides instant rates for first time home buyers and also speaks about the importance of pre-qualification and credit history for first time home loans in CA. Offers best tips for the CA first time home buyer.
California Home Mortgage Loan: California Home Mortgage Loan Rate
Find the best California home mortgage loan with the lowest interest rate for your home financing needs to fit every situation.
California First Mortgage: California 1st Mortgage Loans
California first mortgage loan can be the ideal solution if you want to purchase your real estate property in California.
California Fixed Rate Mortgage Loans: FRM Mortgage Loans CA
Apply for California fixed rate mortgage Loans, your loan interest rates remains fixed for the entire loan tenure (typically for thirty, twenty, fifteen, or ten years) depending on the loan period that you choose in FRM.
California Home Equity Loans : CA Equity Mortgage Loan
Provides information on California home equity mortgage loan to get the funds you need without being forced to sell your home to get it.
California Interest Only Mortgage Loan
Before purchasing interest only mortgage loans in California CA, it is extremely important to familiarize yourself with the loan procedure. Find more in this regard.
Additional
Resources
Understanding Annual Percentage Rate (apr) Mortgage Calculators
By Dennis Estrada
APR stands for Annual Percentage Rate. Basically, it means the true cost of borrowing. This includes the interest rate plus all additional cost. Additional Cost usually includes points, pre-paid Read more...
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Additional
Resources
Mortgage Fraud Prevention
By Dennis Estrada
Mortgage Fraud is any procedures to acquire mortgage with false information. The objective of this article is to detect a mortgage fraud at early stage for prevention. Mortgage Fraud increased Read more...
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California Mortgage Refinancing - California Refinance Rates
Avail the benefits of California mortgage refinancing. Also find how to secure best California home mortgage refinance rates which helps you find the best mortgage solution for your home financing needs to fit every situation.California Home Mortgage Loan Refinance : California Home Loan Refinance
Lowest rates available on California home loan mortgage refinance and refinance your mortgage while rates are low. Get California Home Interest Loan Refinance quotes online.California Adjustable Rate Mortgage Loans: ARM Loans CA
In California adjustable rate mortgage loan (ARM) programs, the risk of fluctuating interest rates is shared equally between the borrower and the lender.California Bad Credit Mortgage Loans
Bad credit OK! Find California mortgage loans to purchase your home, consolidate your debts-even save you from the edges of bankruptcy-and get yourself on the path to financial freedom.California FHA Loans : California FHA Home Loans
California FHA home loan is the best way to finance your home. Find how to secure best terms on California FHA home loans with a reliable lender.
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