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MORTGAGE RATES » Home Mortgage Loan News

Posted in Economy, Financial News, Mortgage Rates

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.


Posted in Foreclosure, Foreclosure Purchase, Mortgage Rates

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...



Read Full Article: How To Be Successful At Foreclosure Auctions

Posted in Adjustable Rate Mortgages, Mortgage Rates

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,...



Read Full Article: ARM: The Index Rate and it's Significance

Posted in FHA, Mortgage Rates, Refinance

Owning a home can be quite overwhelming and somewhat stressful. You have to maintain it, pay others to maintain it, and stay on top of all your bills in order to keep it all together. You are also legally bind to your home, since it is your responsibility to be on top of things in order to keep...



Read Full Article: Refinancing With Limited Equity Through the FHA

Posted in Interest Only Mortgages, Mortgage Rates

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...



Read Full Article: The Basics of an Interest-Only Mortgage

Posted in Mortgage Rates, Refinance, Underwater Mortgages

Despite the real estate market picking up again, people who are looking to buy homes are not looking in non metropolitan areas which includes the highest numbers of homes with underwater mortgages. It is hard for homeowners who have underwater mortgages stick around and make the payments, so...



Read Full Article: Underwater Refinancing is Tough But Not Impossible

There's nothing quite like the feeling of deciding to buy your first home. It's a milestone for many people, a sign that you're a grown-up (or at least, are growing up). It's a complicated affair, with all kinds of steps, players, fees, jargon, legalities, paperwork, time, and above all, money....



Read Full Article: Hybrid ARMs

Buying the first home is one of the biggest events in a person's life. Here in the United States, it is definitely a milestone, an important road mark in our arc from childhood to adulthood. Indeed, with all the responsibilities of buying a home, this automatically automatically makes you an...



Read Full Article: ARM: Being Careful With Prepayments

Posted in Adjustable Rate Mortgages, Mortgage Rates

Banks, credit unions, and other financial institutions in the business of lending money to prospective home buyers have over the years come up with many different kinds of mortgages. The idea behind all this variety, of course, is to give people as many options as possible when it comes to...



Read Full Article: ARM: Initial Discounts

Mortgage Learning Center

Making the decision between buying your own home and renting can be a tough choice. We've bundled these informational mortgage articles to help you get started with your new home loan:

Underwater Mortgages

Thousands of homes across the United States are underwater because of the decrease in home values. If you or someone dear to you are faced with this problem, Go Banking Rates has compiled some great underwater mortgage articles to help you out.

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