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Interest Rates

There are generally two types of loans. A fixed loan or an adjustable loan. A fixed rate loan gives you the security a constant rate throughout the life of the loan. Since your rate will not change, your monthly payments will often remain the same during your repayment period. An adjustable rate mortgage rises in falls along with the fluctuate of certain rate indexes. As your loan repayment period goes on, your monthly payment will change as you interest rate changes. Generally an adjustable rate will change every one to five years. Because it is susceptible to change, an adjustable rate loan caries more risk and is usually used by borrowers with less than perfect credit and those planning to move between five and seven years. However, adjustable rate loans come with low introductory rates and rate caps. Depending on the activity of current interest rates, a person with an adjustable rate could actually save money.

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It can be very helpful to understand interest rates and indexes if you are interested in finding a loan, especially if you are looking in to adjustable rate loans. Apply online today and contact a lender about current interest rates and the effect they will have on your loan.

There are several indexes on which interest rates are based:

  • The Prime Rate is used by lenders for corporations and for their credit-worthy applicants. It is very stable and tends not to differ from bank to bank. The Prime Rate is used to predict the direction of rates, and the activity of consumer loans often follows that of this index.
  • U.S. Treasury Security Yields is an average of monthly rates during the length of a one year U.S. Treasury security that is often used to set adjustable rate mortgage and is published yearly by the Federal Reserve Board.
  • The 11th District Cost of Funds is also used to set adjustable rate mortgages and will often follow the same direction as the average of a one-year U.S. Treasury security. Monthly, the 11th Federal Home Loan Bank District, which includes California, Nevada and Arizona, publishes its weighted average interest rate for the prior month.
  • Federal Funds Rate is set by the Federal Open Market Committee and is the interest rate on funds one bank lends to another overnight. This index affects inflation and economic growth, and is decided on by the Federal Open Market Committee.

There are many different components to understand when you are trying to find the right loan. How long of a repayment period do you want? Do you qualify for a fixed rate? Is an adjustable rate better suited to your needs? Understanding the factors that create your loan can take the stress out of the decision making process and keep you from taking terms will eventually cost you money. Fill out our free short form to contact up to four lenders about your loan.

 


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Interest rates fluctuate continually throughout the year. Looking at the indices that determine interest rates will help you gain a better understanding of what brings interest rate changes about… Amortization calculators allow you to calculate your monthly mortgage payment based upon a given interest rate. You can also determine the effect on your loan term of making extra payments every few months to pay off your mortgage quicker… A mortgage payment calculator is an essential free online tool for calculating your monthly payments. All you intput is your loan amount and an interest rate. With an amortization calculator you can also print your entire payment schedule…
The simplest of real estate calculators is the loan payment calculator. We offer a loan payment calculator (mortgage calculator) that provides a complete loan amortization schedule with its output… A mortgage refinancing company is important to home owners as soon as it comes time to take advantage of interest rates that have dropped since the time you bought your home and got your first mortgage…

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…

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