Fixed-Rate vs. Adjustable-Rate Mortgage Loans Along with other decisions you will find yourself making while shopping for a mortgage, you will be deciding whether to take a fixed-rate mortgage (FRM) or an adjustable rate mortgage (ARM). As the name implies, the interest-rate of an FRM will remain the... 

Refinancing Your Home As interest rates drop, many homeowners consider refinancing. And if you’ve inquired with a few lenders, you’ll probably start getting phone calls and e-mails daily about the proposition of doing so. There are several reasons people consider refinancing, one of which is to... 

Second Mortgage Loans vs. Home Equity Loans It’s not surprising that some homeowners confuse the terms “second mortgage” and “home equity loan.” After all, a second mortgage is a type of home equity loan. But more often than not, home equity loan is used to describe a home... 

How to Apply for an FHA Loan FHA loans offer many advantages to homeowners who qualify for these low-cost mortgages. Before applying for one, it helps to know what the requirements are, and how to improve your chances of getting approved without problems or delays. The Federal Housing Administration... 

Debt Consolidation Consolidate your loans Most people have more than one debt. You may have high interest credit cards, loans and mortgages. To pay off one debt you may need to borrow from someone else, creating yet another debt. The solution to this problem is debt consolidation. If you own a home,... 

Adjustable Rate Mortgages An adjustable rate mortgage, often called ARM, has an interest rate that is not fixed. The interest rate varies based on one or many indexes. This could be to the one-year treasury bills or to another specific index. You may note that different lenders tie the adjustable rate... 

Adjustable-rate loans, also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates rise, generally... 

Fixed Rate Mortgages As the name implies, a fixed rate mortgage is one on which the interest rate is fixed and set for the duration of the loan. In other words, the interest rate remains the same during the entire term of the mortgage or for a stipulated length of time. Fixed rate mortgages are the most... 

Home Equity Loans A home equity loan allows you as a homeowner to get a loan by using the equity in your home as collateral. The equity consists of whatever funds you have invested in your property in order to own it or improve it. Since it is a debt against your own property, which you are in actual... 

Shopping for a Mortgage Refinance Broker When shopping for a second-mortgage, the options offered by lenders are so abundant and competitive, it’s sometimes more efficient and easy to use a professional mortgage broker. When shopping for a real estate broker, most homeowners are familiar with what...