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Home Loans -- The Hot New Product? The 30-year, Fixed-rate Mortgage
In recent years, the mortgage industry has introduced dozens of new types of loans. The needs of every borrower are different, so the mortgage companies have tried to come up with an answer for every problem. They've introduced 40-year mortgages, promoted 15-year mortgages, and introduced the wildest array of variable-rate mortgages imaginable. There are mortgages that have interest rates that adjust every few months, every few years, or just once. A recently popular product that thrives on the East and West coasts is the interest-only mortgage, which reduces payments by not requiring payment on the loan's principal for the first few years of the loan. The prospective homebuyer could have as many as one hundred possible types of loans to choose from when searching for a mortgage. Amidst this huge array of loan types, one type is growing in popularity faster than all the rest, and it may surprise you. The fastest-growing type of mortgage in America right now is the traditional 30-year, fixed-rate loan. Last year, only about 35% of all borrowers took out a 30 year, fixed-rate loan, but so far this year, the rate has increased to nearly 50%. This may seem odd, as most everyone has been opting for adjustable-rate mortgages for the last few years. Adjustable rate mortgages tend to offer lower interest rates, and lower interest rates mean lower payments. These loans have been popular with buyers who move often, have lower incomes or buyers who simply want to invest their money elsewhere. So why is the 30-year fixed-rate mortgage back in style? Because interest rates have dropped to their lowest point in fourteen months, and they are nearly as low as they were in the summer of 2003, when they reached the lowest point on record. In short, the 30-year fixed-rate mortgage is not only seen as competitive with other types of loans, but it is actually seen as safer. Borrowers who have adjustable-rate mortgages enjoy their biggest advantage when rates are high, knowing that their interest rate is lower than a fixed-rate mortgage. But when interest rates for the market as a whole reach historic lows, the borrower with an adjustable-rate mortgage knows that their rate can only go up. At times like the present, when rates are only likely to go up, converting an adjustable rate loan to a fixed-rate loan is a smart move. First-time buyers can safely take on a 30-year fixed-rate loan and be comfortable in the fact that their rate will stay fairly low for the duration of their loan. Sometimes, the way things have always been done turns out to be the best. While there are still some buyers who will benefit from adjustable-rate loans, most borrowers would do well to lock in their loan at a fixed rate now. Historically, fixed-rate mortgages have rarely been under six percent, so obtaining such a loan while they are available is one of the smartest moves a homeowner can make. ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
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Debt Consolidation Loan Online: How To Find A Reputable Debt Consolidation Loan Online Lender
If you are in the market for a debt consolidation loan online, you will want to make absolutely certain that you are dealing with a reputable and reliable (as well as experienced) debt consolidation loan online lender. There are some tips and pointers that you need to keep in mind when it comes to finding a reliable and reputable debt consolidation loan online lender.
Bad Credit Debt Consolidation Loans - Getting a Debt Consolidation Loan, Even With Poor Credit
An online debt consolidation loan allows even people with a poor credit to reduce their overall monthly payments and regain their financial footing. While there are personal loans that allow you to do this, tapping into your home's equity is a better option.
A Low Debt Consolidation Loan Rate - Save Money When You Have Unexpected Expenses
Most of us have been confronted by unexpected and alarmingly high expenses at some time or other in our lives. Unless we have easy access to savings, we may feel trapped into increasing our debt and monthly debt expenditure. If our budgets can?t cope with any added expenses, this can be very stressful.
Debt Consolidation Loan and Consolidation Loans
Debt consolidation loan services act as a third party intermediary to assist you in negotiating lower interest fees and monthly payments with your unsecured debt holders. If you are falling behind on your monthly payments, as many consumers are, you can quickly build up late fees and over limit fees.
Debt Consolidation Loan Online: How To Prepare To Apply For A Debt Consolidation Loan Online
The first step that you need to take when it comes to a debt consolidation loan online is to shop around for the best deal on such a loan from the most reliable lender. Regardless of your reason for obtaining a debt consolidation loan online, the process is going to be about the same. After you have done your research on the different kinds of debt consolidation loan online options that are available and are armed with latest data on interest rates and costs, it?s time to make a particular decision regarding which debt consolidation loan online lender is the best choice for you.
Seeking Assistance In Regard To A Debt Consolidation Loan: Non Profit Debt Consolidation Services
In the 21st century, many, many men and women find themselves struggling with their finances. If you are reviewing this article, chances are that you are a person who is struggling with your finances and your debt today. You are a person who is looking for a course you can take to deal with your out of control debt. In this regard, you might be interested in obtaining a personal debt consolidation loan.
Debt Consolidation Loans Can Save You Money
In todays economy it is all too easy for people to have credit problems and often it isnt even their fault. Some people overspend with things like credit cards while others have jobs that give them enough money to cover credit card bills. However, a sudden severe illness or injury can cause someone to miss a lot of work and a layoff of a job may cause a loss of income for months until a new job can be found. In any of these situations the answers may be secured loans.
Bring Order To Your Finances With A Personal Debt Consolidation Loan
There comes a time in your life when you will find that you are caught neck deep in debt. Look at all the cash you can easily borrow and spend - there are credit cards for the asking, personal loans, home loans, you ask for it and the money is bang on the table. And, given the ease of so much available money, anyone can get carried away and go on a spending binge. Even you. And then debt piles up. And troubles begin.
Unplanned Medical Bills - How A Personal Debt Consolidation Loan Can Help Your Finances
A personal debt consolidation loan can be a very effective way to deal with unexpected medical expenses, especially if you are juggling multiple credit cards and struggling to find the payments. By consolidating debt, you can increase your monthly disposable income to cover extra monthly medical expenses or you can increase the amount you are borrowing to cover major medical expenses while keeping your repayments much the same.
Using A Mortgage Loan Refinance For Debt Consolidation
Many people are finding themselves burdened with high interest debt. They are financially drowning, due to the payments, and are looking for some way to lower their payments. One way that you can lower your payments, and the amount of money you pay in interest, is to get a debt consolidation loan. And if you have a mortgage, you can get your debt consolidation by way of a mortgage loan refinance.
How To Work Out Your Finances With A Debt Consolidation Loan
A debt consolidation loan offers a world of opportunities for someone who is serious about getting out of debt. Here are some ways in which you can plan your finances better with such a scheme.
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