Last week we have talked about what is Adjustable Interest Rate Mortgage and how it is different from the fixed rate mortgages. As we know, for fixed rate mortgage, we have 15 and 30 year options. Then how about ARMs, what options and choices do we have?
Most of the ARM loans available today are actually “hybrid” loans. As you probably know, a hybrid is a combination of two different things, like a hybrid engine that is powered by both gas and electricity. Mortgage lenders can structure ARM loans however they want, as long as they meet federal lending laws. As a result, there are many different types of adjustable-rate mortgages in use today.
Well, normally the most common ARM type are:
• 7/1 ARM: This loan has a fixed interest rate for the first 7 years, and then adjusts annually after that.
• 5/1 ARM: Another hybrid loan structure. It holds a fixed rate for the first 5 years, and then adjusts annually.
• 1-year ARM: Fixed for the first year, annual rate adjustments after that.
In the case of a hybrid loan (defined above), the primary difference is the length of the initial fixed-rate period. Regardless of these differences, the adjustments typically occur once every year after the initial phase has expired.
Besides these difference, another thing you need to consider is whether you want to use conventional or FHA.
You see? Choosing an ARM is actually much more complex than what you thought.
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Owner/Team Leader of Taylor Realty Group SD, Lauren Taylor, joins us to talk Mortgage Cross-Qualifications. Are we clear on what they are and why we need them? Ethical? A very interesting topic drastically affecting San Diego buyers.
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Below is an snippet of what one of the leading lenders is saying about current interest rates.
While the federal government contemplates increasing home-financing rates, the Fed has stated that it will likely raise rates when unemployment falls below 6.5%, so now is the time to refinance your home. There’s a program the government created a few years ago called the Home Affordable Refinance Plan®, commonly referred to as HARP, which enables Americans to save big on refinancing when they otherwise could not due to a decline in their home’s value. It provides you the opportunity to refinance at surprisingly low rates, which could reduce your monthly payments. The average reduction was a savings of about 33% last year. On a $200,000 loan, that translates to an average savings of $4,100 in the first year. With the low rates, 39% of homeowners were actually able to shorten their loan terms as well.
Homeowners are becoming increasingly savvy, and many are surprised to learn how much they’re able to save on their mortgage while refinancing. The program started in March of 2009, but is set to expire at the end of December 2015, so it’s vital to act fast. We recommend using our lending-finder service at LendingTree, which has a proven track record of helping consumers save money by comparison shopping for lenders.
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