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´╗┐Home Mortgage Rate Considerations

from: Mortgage & Debt Facts



Your home mortgage rate can have a serious impact on the cost of your entire loan. Over the course of time, homeowners can expect to pay a significant amount of money in interest. This is a fundamental aspect of doing business in the lending industry.

The lender requires interest. Otherwise the lending institution makes no money in the process. There is little point in making loans if there is no profit or any prospect of a profit over the course of time. However, a home mortgage rate does not have to be excessive in order for the lender to profit.

The Fixed Mortgage Rate

A fixed home mortgage rate is very appealing to many consumers because it offers stability. Interest rates tend to fluctuate. This can make some borrowers very nervous. Having a fixed rate is a prospect that offers peace of mind, especially if the rates are very low.

Interest Only?

In most cases consumers will want to avoid making interest payments on their loans. No matter what, you still owe the principal on the money that you borrowed. When you only pay the interest the principal on the loan does not decrease.

Another thing to consider when delving into the interest only mortgage rate payment is how much you will save each month. This is crucial because you may find that you save a few hundred dollars each month. However, you are not.

Remember that the interest only payment does not decrease the principal amount of the loan. You miss a grand opportunity to create equity in your home. Think about it this way. You can make over 100 interest-only payments and still owe the same amount on your loan.

An interest-only payment can be beneficial every once-in-awhile. The lower payment can help you get your finances in order during a time of crisis. However, this is not a long term solution to a financial problem. Ideally, you want to pay on as much principal as possible, no matter what home mortgage rate you have.

Bi-monthly Payments

You can pay your loan off faster even if you have pretty high home mortgage rate. There are some considerations that you can make in order to get a thirty year mortgage paid off in a fraction of the time. Some options are viable to many consumers.

Some lending institutions will allow you to break your payment in half each month. This is useful if you have an interest bearing account. These accounts accrue more interest as the month progresses.

Paying half of the payment every two weeks will reduce the principal faster. This does not work for each type of loan so it is necessary to get advice from your lender. Bimonthly payments are not an option for everyone but it can be advantageous no matter what your home mortgage rate is.




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