Community Contributed Articles - Mortgagefit.com
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- Is Refinancing 5/1 Year Arm With a 30 Year Frm Worth It?
I wanted to sell the sell the home before I could get the new home as I have sufficient equity in the old house which I could put into the new home when the former sells. I am thinking of going for a 5/1 year ARM on the new home while the old property is up for sale. I would then refinance the new home with a 30 year FRM when I am able to get the sale proceeds and hence my equity from the old home. Am I on the right track? - Why isn't APR the right factor to judge lenders?
The APR assumes zero inflation and that the value of money would remain unchanged in years to follow. Next, lenders assume that the loan will never be refinanced, prepaid or sold off. So, there are a number of aspects which aren.t considered while lenders calculate APR for your loan offer. - Refinance or use home equity for a Reverse mortgage?
If you are old enough to qualify for a reverse mortgage, better go for it instead of taking out a refinance loan. However, you can also look out for a home equity line of credit as an alternative option. - Paying Off Credit Card Debt Using Your 401k Retirement Money
If you are thinking of withdrawing money from your 401K account, be prepared to make tax payments on the cash taken out. Apart from tax payments, you will have to pay a penalty if you.re under 59 and 1/2 years of age at the time of cash withdrawal. - Do I need an appraisal if I combine ARMs and then Refinance?
What.s more important is that, as a borrower, you should be careful of what the fine print of the program says. That.s what is going to ensure that you benefit from the program in the long run. - Mortgage Calculators . Smart financial tools to simplify calculations
Mortgage calculators are easy to work with provided they are developed in a user-friendly manner. All you need doing is to enter the data or variable such as loan principal, periodic interest rate, loan term and others and the calculator will give you the end results. Let.s take an example to demonstrate how such a calculator works.
