One of the interesting features of the current mortgage scene is that some borrowers with adjustable-rate mortgages (ARMs) are refinancing into fixed-rate mortgages (FRMs), and some with FRMs are refinancing into ARMs. Exchanges with borrowers on both sides of this divide indicate that differences in opinion on where interest rates are headed have little bearing …
Continue reading ‘Refi into ARM for faster mortgage payoff’ »
A mortgage recast is an adjustment in the monthly payment that makes the payment fully amortizing. The recast will be a payment increase when the existing payment is less than fully amortizing, and a payment decrease when the existing payment is more than fully amortizing. For example, let’s say your home loan has a balance …
Continue reading ‘The secret to reducing your mortgage payment’ »
Mortgage lenders tightened their standards after the subprime-mortgage mess, and that won’t change this year. But mortgage loans can be had. Follow these 10 tips from MSN.com to secure a mortgage at an interest rate and under the terms that are right for you this year: 1. Have the right credit score The best combination …
If you work in the medical profession, the new Bank of America Doctor Loan program could help you, as a buyer, grow. The Doctor Loan from Bank of America Home Loans® is for licensed, practicing physicians or residents, dentists or other eligible medical professionals.* It features a range of fixed and adjustable rate loans and …