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Home Loans

Home loans can be adjusted and designed to fit your exacting and unique financial needs

Home Loans-Controlling Your Financial Destiny

When looking for a home mortgage, you have found there are two principal types of home loans out there: fixed and adjustable rate mortgages. Does it end right there? Fixed vesus adjustable rates? That all depends on how you look at home loans.

Fixed and adjustable - thats all folks!

To say all home mortgage loans are either fixed or adjustable loans is in fact a correct statement. No matter how you slice it, your mortgage will either have a rate that changes or a rate that stays the same. But thats like saying you only have a choice in life between being asleep or staying awake, beneath the sun or beneath thee moon, right or wrong. Its the grey areas in between that make life interesting to live, and its the grey areas in between fixed and adjustable rate mortgages that make your home loans not only possible, but functional within your personal finances.

Fixed rate loans - riding the tortise

Fixed rate home loans are a lot like the nerdy - yet dependable - turtle in the race with the hare. These home loans do not change in rates no matter what: slow and steady, know your pace, we'll all reach the finish eventually. The consequence of this mundane stability is slightly higher introductory rates, but these rates will never change and you will be prepared for all your payments. Most insured home loans will be fixed rate mortgages - FHA, VA, and loans with PMI - and these loans are intentionally designed to be both predictable and manageable.

Adjustable options - racing the rabbit

Most of the various home loans you will find are different definitions of an adjustable rate loan. Your standard adjustable rate home loan can be broken down into a thousand sub-ARMs by adjusting several qualities; the term length, the adjustment term, the points you pay vs. the points offered you, the degree to which your rate can change and the financial index your home loans are based on. Some of the most common adjustable rate home loans include:

  • Flexible payment ARMs
  • interest-only ARMs
  • zero-interest ARMs
  • bi-weekly ARMs
  • LIBOR arms

NOt surprisingly, these are also the options available for your bad credit home loans - an adjustable rate means increased flexibility and increased opportunity for you in this endeavor of home ownership. This might also by the only way to succeed with such expensive tools like California home loans. Depending on the adjustable rate package you ultimately decide to use for your loan, you will receive extra perks for the risks associate with the mortgage in question. These perks usually include a lower initial interest rate and occasional savings on lender fees. At the same time you are saving money however you are sacrificing growth of your home equity. Knowing your options and being aware of your payment abilities will be your best means to obtaining the home loans you want for your home.


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