A balloon mortgage is one on which the outstanding balance is due at some point before amortization has paid off the balance in full. Aside from the repayment obligation, balloon loans are identical to standard fixed-rate mortgages (FRMs). For example, if a five-year balloon loan for $100,000 is at 5 percent for 30 years, the …
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Have you heard about no-cost mortgages? Here are the pros and cons about shopping for one in this housing market: While buyers avoid overcharges, they also pay a higher interest rate “Is shopping for a no-cost mortgage a good strategy in today’s market?” No-cost mortgages are relatively easy to shop because of their simplicity, and …
Today’s buyers are looking for turnkey homes. That is, they want to move right in without having to do a lot of work. Buyers with busy lifestyles pay a premium for listings that are in prime condition. Staging can make the difference between a listing selling or not, the time it takes to sell, and …
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Q: Will I save money if I make my regular monthly payment early? A: No, paying early merely allows the firm servicing your loan to earn interest on your money until the payment due date. This is not the case, however, if you have a simple interest mortgage (SIM). Because it accrues interest daily, the …
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