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Mortgage Interest Rates

Second Mortgages allow you to borrow up to 125% the value of your current home. Second mortgages are a great choice in the current economy for two reasons: More cash on hand allows for more flexibility for situations that arise. Interest rates are at a historical 30 year low.

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There are many indexes that can influence your interest rates:

  • Prime Rate is published by the Wall Street Journal and is used for corporations, large business and other parties with extremely good credit. This rate is one of the most stable and, for the most part, does not vary from bank to bank. Since it is often used to predict the rise or fall of rates, when the prime rate changes it is likely that consumer loans will follow its lead and so this is a good index to study.
  • U.S. Treasury Security Yield is the average of monthly rates of a one, three or five year U.S. Treasury security. Many adjustable rate mortgages are set by the average rate of this index. If you are interested in finding more information on this index, an average of the monthly rates is published annually by the Federal Reserve Board.
  • Federal Funds Rate is most often referred to as the Fed Fund Rate. This index is set by the Federal Open Market Committee and is used by banks to set the rate on funds that are loaned from one bank to another overnight. This index is used to stimulate economic growth. Changes in the Federal Funds rate effect inflation and economic stability. The Federal Open Market Committee has to seriously consider the consequences of any changes in this rate. If it was set too high, it could have the potential to choke economic growth. Long-term interest rates are greatly effected by this index.
  • The 11th District Cost of Funds can be used for adjustable rate mortgages. Generally parallel to the one-year U.S. Treasury Yields, this index is reported monthly.

An adjustable rate fluctuates with indexes such as the prime rate, federal funds rate, the U.S. Treasury security rate, or the 11th District Cost of funds. On a mortgage, your rate will usually adjust every one, three, or five years. This means if the rates go up, you will pay more than the person who started with a fixed rate, and if the rates go down you will pay less than that person. Low introductory rates and an interest rate cap to keep monthly payment from rising too high give this loan some security for the borrower. This type of loan is often the loan of choice for those with damaged credit or who are only planning to live in a new home for five to seven years.

Interest rates are the amount you pay in return for the balance that a bank loans you. This percentage of your balance can either be fixed or can be adjustable. When you have a fixed rate loan, this percentage stays constant, allowing you to know from the start of the loan exactly how much interest you will pay throughout the loan. This fixed rate allows you to have the same monthly payment throughout the loan.

 


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  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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Mortgage interest rates are primed for new home loans and refinancing. If you are looking to invest in your future or save on your current investment contact a mortgage broker through Expo Financial and get as many as four free competitive quotes… Amortization table calculations are simply tables of your loan payments broken down into interest and principal. A good calculator will also show you the effect on interest and principal of making additional monthly payments to pay down your loan… Second mortgages rely upon your equity in your first mortgage to give you borrower credibility for the borrowing of more money. If you have sufficient equity in your first mortgage you can get a better rate on your second mortgage…
An Equity loan is a great way to get cash out of the equity in your home to pay off debts or to finance a large purchase such as a second investment property. Turn your home into yet another investment with a home equity loan today… Home construction loans are a great option if you are considering building your own home rather than purchasing. It is possible to finance the entire cost of materials land and labor for your new home. Get up to four rate quotes from Expo Financial…

A construction loan can be taken out to build an additional room on your house. Any equity in your home can be used to help you get a lower rate on your loan. A qualified mortgage broker can help you get the best rates offered by banks…

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