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... 

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... 

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... 

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... 

The Hidden Costs of Mortgage Refinancing There can be hefty costs involved in a mortgage refinance. On the flip side, there can be ample savings. Before resolving to take the plunge, you should do the math, take everything into account, and see how much you’d really save. The answer may surprise... 

Mortgage Refinancing Refinancing is when you apply for a secured loan in order to pay off another different loan secured against the same assets, property etc. If this original loan had a fixed interest rate mortgage which has now declined considerably, then you would like to avail of a new loan at a... 

Closing Costs and Refinance Risks Remember the last time you moved? You probably incurred some expenses for truck rental, utility hook-ups, moving services, etc. Just like moving, refinancing comes with its own set of one-time expenses, commonly known as closing costs. All about closing costs There... 

Refinance or Second Mortgage? When it’s time to trade-up your first car, you must select a suitable replacement from the many makes, models, and optional upgrades available. Thankfully, choosing your trade-up mortgage won’t be as complicated. But there are still some decisions to be made.... 

Trading up your job for increased responsibility has some advantages above and beyond a bigger paycheck-maybe a designated parking space, or that coveted corner office. Similarly, a mortgage refinance has a few perks of its own. One of these is the mortgage interest tax deduction. Saving on taxes As... 

Mortgage refinance is the process of taking out a new loan, and using the proceeds to pay off your old one. Generally, you’d do this to make a change in the structure of your debt in order to get more money, a lower monthly payment, or a shorter pay-off schedule. Why refinance? You’d trade-up...