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15 Year Mortgage or 30 Year Mortgage? Print E-mail
Personal Finance - Mortgage
Monday, 17 October 2011 02:00

15 year mortgage rates are 3.25% but does it makes sense to refinance from a 30 year mortgage? Everyone has their opinion on how to purchase or refinance a home but the choice is dependent on your situation and personality. So should you pass up an on that ultra low fixed rate mortgage? We weigh the benefits of lower interest rates versus the risk of making higher payments:

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Buy a House? Print E-mail
(5 votes, average 4.00 out of 5)
Personal Finance - Mortgage
Written by livecheap staff   
Monday, 20 September 2010 09:15

"We want to buy a house but we only have enough for a 5% down payment. What do you think about FHA loans? I want to start building equity. Should we be buy a home now?" - Andrew

HouseAndrew, thanks for sending us your question. In general, you shouldn't buy a home until you can come up with at least a 10%, and ideally a 20% down payment. It's true that you can buy a home with as little as 3% down today and if your payments are similar to rent, it might not be a bad idea assuming everything in your life stays the same or gets better. But the problem with low down payment loans are numerous. Here are a few of them:

 

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Should I Pre-Pay My Mortgage? Print E-mail
(11 votes, average 4.45 out of 5)
Personal Finance - Mortgage
Written by Omie Ismail   
Tuesday, 14 September 2010 02:52
A reader question, "My husband and I are thinking about paying off our mortgage early. We have a little more than $150,000 left and we have no debt. Other thoughts are to save the money for college for our two children that will be entering high school soon. My husband will be getting a good pension and I have a reasonable amount of money in my IRA. Does paying off the mortgage early make sense or should we invest it?" - Jennifer H.
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Mortgage Refinance Tips Print E-mail
(7 votes, average 4.57 out of 5)
Personal Finance - Mortgage

Looking for mortgage refinance tips?  For the last 5 years there have been a host of ads that have proclaimed that interest rates are the "lowest ever."  Most of the time, they were blowing hot air.  Guess what?  They really are the lowest ever right now.  If you play your cards right, you can get one of the biggest financial windfalls in your life. Here are 5 mortgage refinance tips to help you.

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Does an Adjustable Rate Mortgage (ARM) Ever Make Sense? Print E-mail
(2 votes, average 5.00 out of 5)
Personal Finance - Mortgage
Written by Omie Ismail   
Wednesday, 24 March 2010 03:10

Adjustable Rate Mortgages (ARMs) are the instrument that created massive problems for so Adjustable Rate Mortgagemany Americans. But is there ever a reason to get an ARM versus a traditional fixed rate loan? Are ARMs inherently risky or is it just certain types that had unrealistic teaser rates and negative amortization? It turns out that ARMs in of themselves haven't been a bad instrument in the last decade, it's those that had built in interest rate jumps that have caused so many issues.

And yet, most Americans would do well to stick with the traditional 15 or 30 year mortgage. They provide certainty that can be budgeted for and reduce the risk of any payment spikes in the future. However, the spread between a 30 year mortgage and a 5/1 ARM is about 100 basis points (1 percent). If you are in one of these 5 situations, it may be worth nabbing an ARM if the differential is great enough.

Read more: Does an Adjustable Rate Mortgage (ARM) Ever Make Sense?
 
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