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Guides, Information and Ratings for Mortgages.

Mortgage Assistance : Can a Bad Credit Mortgage Be Used to Consolidate Debts?

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A 30 Year Fixed Rate Mortgage is Too Expensive?

It is simple mathematics: Most homeowners are only comfortable with a 30 year fixed rate mortgage. Most homeowners do not have their mortgage for longer than 5 years. Therefore, most homeowners are paying thousands of dollars in additional interest just because they don’t know all of the options available to them.

For example, today’s 30 year fixed rate mortgage through company A is 5.75%. That same company will provide a fixed rate of 5.5% on a Hybrid fixed rate program that is fixed for 7 years and will then adjust annually thereafter. For a $300,000 mortgage, the 30 year fixed rate mortgage would cost $5,230 in additional interest in the first seven years and the remaining principal balance after seven years would be $1,250 higher. That’s a total of $6,480 of additional cost in seven years. Not to mention the mortgage payment would be $48 higher every single month.

This translates into much more than just a higher monthly payment or thousands more paid in interest for the same money. The $48 per month could have allowed the borrower to afford $10,000 of more buying power today. With just 5% appreciation, that $10,000 would grow to $14,000 in value. That additional equity translates into $40,000 additional buying power for the next purchase assuming 10% down. Or, the $48 could go into a company matching 401K program providing over $6,000 in retirement savings (not including any gain on the account) over the seven year period.

Knowing the different mortgage programs that are available is essential to making the right decision. For some, a 30 year fixed rate mortgage may be the most cost effective option should they keep the same loan until it is paid off. Many homeowners may plan to live in a home ‘forever,’ but seldom does that mean they won’t refinance or take cash out to improve the home. Then, when interest rates drop, they refinance the total debt to save money. Having a financial plan and being realistic about where you want to be in 5 or 10 years will help you choose the right mortgage.

Washington mortgage broker and Spokane Real Estate Agent, Michael Sanborn, tells his clients that there are over a hundred mortgage programs to choose from. “Homeowners should research the various mortgage programs available online,” says Sanborn. “There are many resources, including the Upfront Mortgage Brokers Association or the Mortgage Professor, that allow folks to see what is available before they caught up in the emotional phase of buying a home. They need to separate the financial aspect of financing a property from the emotional aspect of owning a home.”

About the Author

Michael Sanborn, owner of Saint Lawrence Mortgage, provides mortgage services throughout WA and ID. He is dedicated to providing accurate consultation to his clients and full disclosure.

Private Equity & the Credit Crunch

Mortgages For Dummies, 3rd Edition $7.90 For many of us, the single biggest financial transaction is buying a house. Even more significant than the hefty down payment we fork over is the 15- to 30-year mortgage that needs feeding every month. If you have this much at stake, a little knowledge can go a long way, which is where Eric Tyson and Ray Brown come in. In Mortgages for Dummies, Tyson and Brown (who also wrote Home Buying fo…

The Mortgage Encyclopedia: The Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls, Second Edition $13.85 The bestselling one-stop guide to mortgages—updated for the post–housing crisis market! The Mortgage Encyclopedia demystifies all the various mortgage terms, features, and options by offering clear, precise explanations. Fully updated to address the new realities introduced by the housing crisis of 2007, The Mortgage Encyclopedia provides not just a complete description, but als…

The Mortgage Math Workbook: Compound Interest Calculations, The Mortgage Tax Deduction And Affordability Considerations $4.95 Learn how the math behind mortgage payments works and why the mortgage tax deduction only works for high earners with big mortgages. This workbook includes step-by-step solutions for typical mortgage math problems, including solving for the APR (Annual Percentage Rate.)Table of Contents:How Compound Interest Adds UpThe Mortgage Formula Calculating Fixed Rate Mortgage PaymentsTables For Fixed Rate …

Variable Rate Mortgage

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The variable-rate graduated-payment mortgage (Research papers in banking and financial economics) …

Financial intermediaries and variable rate mortgages. / [by] George G. Kaufman …

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Flexible Mortgages: Flexible Enough to Buy your Home With Ease

A home is the largest purchases you make and it is very much for you to have a right mortgage. There may be different problems you may face with the traditional mortgage plans. You may not be having an opportunity to overpay, borrow back overpayments, underpay or can take payment holidays. But, now with a Flexible mortgages you get the flexibility of availing a lot of benefits.

You would like to get rid of the overpayments as quickly as possible and would like to save money which is available through small overpayments. Flexible mortgages allow you to make the underpayments; this can be useful when you have an additional expenditure.

If you wanted to have greater flexibilities in the repayments for the mortgages which in turn may help you to manage your finances in an organised and systematic manner then a flexible mortgages is just for you. Flexible mortgages are designed such that you can keep a control over your finances.

There are several advantages of flexible mortgage. You get an opportunity to overpay, borrow back overpayments, underpay and take payment holidays when you seek a flexible mortgage.
You have a flexible deal with no penalties and the interest is calculated daily. So as soon as you start making a payment you start paying on smaller loan amount. This can be said as a significant advantage of a flexible mortgage where the interest is calculated on the daily basis.
There are lenders in U.K who can provide you with the cheap interest rate for flexible mortgages. There is a lot of competition between the lenders in the U.K. Lenders may charge you the competitive interest rates as the competition among the lenders is growing day by day. So, if you are thinking of buying your house then it is always advisable to go for a flexible mortgage.
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About the Author

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Adverse-Credit-First-Time-Buyer as a Mortgage specialist.
For more information please visit: http://www.adverse-credit-first-time-buyer.co.uk

Mortgage Lead Talk

Improved security for homeowners: Proposals for a fairer and more flexible mortgage market …

A Review of Flexible Mortgages …

Changing Housing Markets: The Case for Flexible Tenure and Flexible Mortgages …