MORTGAGE RATES » Home Mortgage Loan News

Finally some good news from the floundering real estate sector. According to new information released by theNational Association of Realtors, after a five-year downward spiral June marked the third consecutive month of increases forsales regarding previously occupied homes. Additionally, both foreclosure sales and the plethora of available houses on the market decreased.

The positive information was officially released this past Thursday which fed Wall Street, and the result is that the Dow Jones industrial averages rose above 9,000 for the first time since the beginning of 2009. Speculators are stating that all this news indicates that the housing market, the main culprit of the economic slow-down, is finally on the mend.

The ultimate hope is that this new pattern continues and with it, consumer confidence will be strengthened and the entire economy will rebound. Experts have been setting realistic expectations stating that there is still a long road ahead until full recovery as unemployment and foreclosures have not fully peaked. However, this news is the first truly positive sign in a long time and the optimism can becontagious.

***Are you looking to buy a home before the housing market bottoms? If so, start researching and comparison-shopping your mortgage rates today. You can also let Go Banking Rates do all the hard work by providing you with free mortgage quotes from multiple lenders all at once. The process is easy and fast!***

When it comes to choosing a mortgage loan, many prospective home buyers hem and haw about which one they should opt for. A fixed-rate loan promises stability and no surprises whatsoever when it comes to the amount of the monthly mortgage payment. It also has the downside of locking you into an interest rate which remains static while interest rates are actually falling, and all around you your friends and neighbors who opted for adjustable rate mortgages (ARMs) are celebrating the fact that their monthly mortgage payments are falling too. Of course, choosing an ARM is risky too because when interest rates rise, so do your mortgage payments - which can really take a bite out of your wallet. In fact, oftentimes a rise in interest rates can make many people with an adjustable-rate mortgage switch over to a fixed-rate mortgage instead - this process known as conversion.

An adjustable-rate mortgage conversion is just what it sounds like: a conversion from an ARM to a fixed-rate mortgage. In more detail, to get a conversion, you simply pay a fee and your ARM officially converts over to a fixed-rate mortgage. One caveat to an ARM conversion as oppose to a fixed-rate mortgage, is that pursuant to the terms of your loan - you may get a new fixed rate, but it could be higher than current rates. In a sense, you have to pay for it. For example, if interest rates are falling to the point that you want to switch to a fixed-rate mortgage, you might not get the current low interest rate that's making you want to convert in the first place. It could end up being a point or even two points higher depending on the nature of your loan.

If you're thinking about converting your ARM to a fixed-rate mortgage, check with your mortgage loan bank to see what their offers are. Make sure you do your homework so you know what you would be getting yourself into. It's also very important to consider your finances - see what we can really afford to pay by looking into all of your monthly expenses.

In recent months the market is over-saturated with housing choices due to unprecedented quantities of foreclosed properties , alternative ways of selling are called for. Foreclosure auctions now quite popular for both consumers looking to buy owner-occupied properties and investors alike. If...

Home owners and prospective home owners will almost certainly have heard a lot about adjustable-rate mortgages , called ARMs for short. Adjustable-rate mortgages are a popular form of home loan that links the amount of the interest rate of your loan to various indexes . The benefits of an ARM are,...

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If you're house hunting these days you may have come upon a popular loan known as the interest-only mortgage , often referred to as an I-O for short. An interest-only mortgage is a mortgage where the borrower makes monthly payment on the loan's interest only. Let's say you buy a home for...

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