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Archive for April, 2011

The answer is that it’s different for everyone. And that’s because a variety of factors influence the decision. But there are really only two routes you can do down, fixed-rate mortgages and adjustable-rate mortgages.

Fixed-rate mortgages are loans that have, you guessed it, a fixed-rate of interest. But who are they right for and when are they the best idea? I’ll give you three factors:

1. You don’t plan on moving. If you plan on staying in the home a long time, then this loan can save you money if interest rates go up, which leads us to the second factor.

2. Interest rates are going up. Getting a fixed-rate can protect you from inflation.

3. You want a financial routine. Paying the same monthly amount can help you plan and budget around your mortgage.

So what if none of these factors apply to you? You may be better off getting an adjustable-rate or variable-rate mortgage. This kind of mortgage is a little more complicated because there are several kinds, but the basic idea is that your monthly payment will increase or decrease based on the change in your interest rate. Here’s a few reasons why this can be a good idea for some people:

1. Your income is going up. This mortgage can allow for the home-owner to pay less now and make up for it later. Receiving an initial low interest rate may help you qualify for a loan that you would not have otherwise been able to.

2. Rates are steady or declining. If the market is stable or if interest rates are going down, your mortgage rate probably won’t go up drastically.

3. You don’t plan on being in the home forever or may want to refinance down the road. If the home isn’t a long-term investment for you, you might save more money this way.

Deciding which type of mortgage is appropriate for you is a big decision. A bad mortgage can lead to  financial problems and even, as was the case for many, foreclosure. Make sure to consult with an expert and do as much research as possible.

 

Considering buying a home?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Or call Kathryn Bovard direct at 702-348-7191 so she can assist and navigate you through the entire process.

Categories : Las Vegas Mortgages
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Are you a divorced homeowner who is considering removing your former spouse’s name from the mortgage? A recent article in The New York Times offers some good advice for those recently divorced and considering refinancing. Avoiding an extra cost to the tune of 3 to 6 percent of the outstanding principal would be a good deal to anyone who has just bought out their ex’s equity stake in the home, and here is how you do it:

Simply ask your lender to remove your ex’s name, leaving the loan note in your name only. Now, not all lenders offer this service, but the ones who do generally don’t advertise it either. The saying “it never hurts to ask” definitely applies here. But before you get too excited, keep a couple of things in mind.

1. The lenders will run a credit check and expect you to meet some minium score.

2. If you owe more on the mortgage than the home is currently worth, you will be disqualified.

3. The lenders may require that any investors in the loan, after it is sold off, agree to the deal.

To sum things up, if the homeowner can prove that they can afford the payments and meet the required credit criteria, the release of liability might be granted. And remember, having a name removed can be good for both parties’ credit in that a lien can’t be placed on the home due to a former spouse’s failure to pay debt. In addition,  being delinquent on a mortgage payment will not affect the other person’s credit.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Whether buying a Las Vegas Home or renting, don’t try to go at it alone. There’s lot of resources online, and an email to a local real estate or mortgage pro can set you in the right direction.

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