What are Rate Caps?
By: Liz Freeman
March 25th, 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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StumbleUponWhy is My Rate Higher than Advertised?
By: Liz Freeman
March 17th, 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 more...
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What is a Mortgage Accelerator?
By: Liz Freeman
March 10th, 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 more...
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If I pay down my mortgage, will my monthly payment decrease?
By: Liz Freeman
March 4th, 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 more...
Daily Mortgage Rates and Lock Recommendations
By: Liz Freeman
March 31st, 2009
Here are today’s rates, Rate Lock Recommendation and mortgage rate analysis.
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