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Confusing Terminology in Adjustable Rate Mortgage Loans Can Cause Moans
There are many potentially confusing terms within a mortgage. One such example lie within adjustable rate mortgage loans. Some loans have interest rates which are fixed and never changed.
Many borrowers are attracted to the lower initial interest rate some adjustable mortgages entail. However, this brief period of a lower payment is usually not worth the extra amount owed once your rate resets. A fixed rate is consistent and predictable. You will not have to guess as to future interest rates so you can effectively budget for your family.
Some mortgages have what are called "teaser" interest rates. These are exceptionally low initial rates, sometimes as low as one percent. However, as their name implies, they tease you into the loan only to be socked with a huge interest rate increase six months or a year down the line. Unfortunately, many have fell for this trap and then end result often can be a foreclosure.
Mortgages can either require interest only payments or alternatively they can be an even amortization during the course of the loan. Some borrowers are drawn to interest only mortgages because the payment is lower. However, most experts advise that a normal amortized loan is safer. You are working down principal creating more equity in your home.
The time frame of mortgages can also vary. Most usually, mortgages have a thirty year repayment time frame. Some recent products have offered much longer repayment periods. Sometimes these can extend to 40 years. It is wisest to stick with a 30 year term. Even better is a 25 year term if you can afford the slightly higher payment.
The shorter the term means the faster you are paying down principal. This creates more equity. This can help down the line if you seek to refinance should interest rates drop from the time you took out your loan. Some have used equity in their homes as a glorified ATM machine. This is not advisable. Most experts assert that equity in one's home should not be tapped for daily spending.
Different mortgages have different points or fees levied to the borrower. High fees or points can make an otherwise attractive mortgage very expensive. It is very important to read all the fine print. Know exactly what fees and points you are paying, and calculate them into the loan. There are many good online programs that can help with this calculation.
A home is most probably your largest investment. The mortgage is your largest financial decision. Make sure you understand the differences between fixed rate mortgages and adjustable rate mortgage loans. Know the time period. Study the points and fees. An educated and careful borrower can save themselves a lot of money over the long duration of your mortgage.