10 Things to Know About Mortgages
By Dy Phan on Monday, May 21, 2007 - 10:53 am
Category Real Estate | 11,136 Views |
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With a home purchase imminent within the next three years, I’ve been doing a lot of research on mortgages and how to buy a house. Fool.com has a simple and basic list of things to know about mortgages.
- You can buy a house with 0% down
- Adjustable rate mortgages (ARMs) come in many varieties
- Adjustable rate mortgages are generally limited in how much they can adjust each year
- Small changes in interest rates can make a big difference
- Mortgage brokers can be very useful for many people
- Not everyone needs a mortgage broker
- You might find even more attractive mortgage rates from your local credit union or online
- Some websites will crunch many interesting numbers for you
- Paying points on your mortgage may or may not be smart
- The world of mortgages isn’t a static one
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Hi, I’ve just bought a house and got my mortgage just after the interest rates went up! 0.5% increaed my monthly payments by £60, thats was the same as lending an extra £10,000 on the previous interest rate! So i can vouch too that a small percentage change can make a big difference!
Andy
Andy Coates | May 21, 2007 | Reply
It’s hard for me to believe that so many people are in ARMs that are readjusting soon and their monthy payments will increase by a few hundred dollars. I can see why so many people are going to be in trouble soon.
Dy Phan | May 21, 2007 | Reply
This article is a good place to start for someone who doesn’t know anything about how mortgages work. It gives them something simple to think about. But in today’s market people need to know about foreclosure, bankruptcy, debt consolidation, and credit reporting before they make a purchase because there are so many places where people can get of track and it’s so hard to find your way back once that has happened. I invite anyone to contact my site if they would like to know more about these subjects or if you just want some additional information. Good start.
MoneyHelp411 | May 23, 2007 | Reply
Speaking about mortgage, you should read my post at http://surayblog.blogspot.com/2007/05/movement-of-mortgage-market.html
Thanks
suray | May 28, 2007 | Reply
Ive just written a 2 post blog about my housebuying experience so far. Anyone interested can findit here:
http://www.andy-coates.com/blog/2007/05/25/a-rough-guide-to-buying-a-house-part-1/
All the best
Andy
Andy Coates | May 28, 2007 | Reply