MORTGAGE
"Compete your rate"
Whether you’re a first-time buyer looking to become a property owner or you already have a mortgage and want to move, make changes to your home or find a better rate then you are at the right place. Spend the time to understand the different mortgage options that are available and then visit one or more of our sponsors to find the best rates around. My most important advice which I say again and again is "compete your rate". You will find that lender rates diifer dramatically and differ over time. So be diligent and save money by finding the best rate for a mortgage to meet your needs.
Mortgages 101
Here are some of the basics that you need to know to choose a mortgage that is right for you.
Fixed vs. Variable - Mortages can be fixed which means the rate is fixed over a period of time. Variable rates change over time and can vary by quater or year depending on the mortgage. You can also get a mortgage that is fixed for a period such as 5, 7 or 10 years and then is variable. Fixed rate mortgages will usually have higher rates because you do not have the risk of rates going up.
Term - Mortgages are usally 30 years, but you can get shorter terms such as 5, 10, or 15 years.
Interest only vs. Amortizing - Interest only mortgages means that you only pay the interest until the end of the interest only term. Amortizing mortgages means that you pay down the principal balance on the mortgage over time in addition to paying the interest. Interest only mortgages usually have a higher interest rate; however, since you are only paying interest over time, you will often pay lower payments until the end when your principal is due.
How to choose a mortgage? You have to decide how long you want a mortgage for, what risk you are willing to take on rate changes and how much you can afford for monthly payments. The first step is to understand the terms above and the second step is to "compete your rate".
Looking for the lowest rate? We offer you an easy way to get mortgage rates that are personalized for your specific financial situation and needs. Find the loan that is really best for you within a few mouse clicks.
Take your time and find the mortgage that’s right for you. Remember, you are the most important person here.
Home loans are available from several types of lenders, thrift institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You can also get a home loan through a mortgage broker. Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a wider selection of loan products and terms from which you can choose. Brokers will generally contact several lenders regarding your application, but they are not obligated to find the best deal for you unless they have contracted with you to act as your agent. Consequently, you should consider contacting more than one broker, just as you should with banks or thrift institutions.
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