Daily Mortgage Rates and Lock Recommendations
By: Liz Freeman
March 31, 2009
Here are today's rates, Rate Lock Recommendation and mortgage rate analysis.
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What are Rate Caps?
By: Liz Freeman
March 25, 2009
Rate caps are features of adjustable rate mortgages. Over the life of an ARM, you may pay several different rates. The start rate is usually a below-market rate, sometimes called a teaser.
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Why is My Rate Higher than Advertised?
By: Liz Freeman
March 17, 2009
Ever wonder why the average mortgage rates paid in this country according to Freddie Mac's weekly surveys are so much higher than rates promoted by lenders? Look at advertised rates in the newspaper, on billboards, and online. Today one lender is selling a 4.25% rate on a 30-year fixed mortgage. With an APR of 4.51%. Which on a $260,000 loan means it will cost about $10,000 to get this loan. But ...
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What is a Mortgage Accelerator?
By: Liz Freeman
March 10, 2009
No, it doesn't involve buying little blue pills for your home loan. Mortgage accelerator loans are popular in Australia and the UK and are making their way to the US. Homeowners use these tools to retire their mortgages early. But what are they? Americans typically have a few options for paying their mortgage off at a faster clip than the traditional 30 year long trudge to getting free and clear. ...
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If I pay down my mortgage, will my monthly payment decrease?
By: Liz Freeman
March 04, 2009
Most lenders will allow you to re-amortize your loan if you make a sizable principal reduction. There is generally a charge for this (about $250). Keep in mind when considering a principal reduction that: 1. You are turning a liquid asset (cash) into a very illiquid one. And access to that money in the form of a home equity loan is not guaranteed (especially in today's market) and it will cost you...
