Getting Your First Home Mortgage
The purpose of this site is to help you, the consumer, make wiser decisions concerning your mortgage. Broad topics covered are Home Mortgages, Mortgage Refinancing, selecting the right Mortgage Company and using Mortgage Calculators.
Home Mortgages –
There are various types of home mortgages offered by lenders. The most common mortgages are those that are fixed-rate, usually for 15 or 30 years. What’s better, a 15 or a 30 year mortgage? Well, that depends on such things as how fast you want your equity to grow and how much monthly payment you can afford. This will be covered in more detail in various articles on Home Mortgages.
Mortgage Company –
How do you go about selecting the right mortgage company? Should you use a mortgage bank, local bank, your local savings and loan or perhaps even the internet? We will explore this in the Mortgage Company section
Mortgage Refinancing –
Perhaps interest rates have fallen and you want to refinance your home to take advantage of the lower rates. Or rates are rising and you need to change from an adjustable rate mortgage (ARM) What are the steps you should take? Did you know that the primary consideration is based on how long you plan to stay in your home? When you refinance you will incur fees that could, in some cases, take years of savings to pay for.
Follow the advice in the Mortgage Refinancing section and perhaps save thousands!
Mortgage Calculators –
A mortgage calculator is a terrific tool to use when looking to buy a home. The calculator will help you compare the various offers you are being shown by different lenders. Is it better to pay points and have a lower rate or not pay points and have a higher rate? These mortgage calculators will tell you everything you need to know.
You can determine just how much house you can buy with the monthly payment that meets your budget and do a myriad of “what if” calculations.
Take your time going through the site and place it in your “favorites” folder. Information will constantly be added and revised so check back often!