Posts Tagged fixed rate mortgage

Is refinancing a mortgage really like starting all over?

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Refinancing your mortgage can be a great way to reduce your monthly payment. However, refinancing is generally thought to set the homeowner back and “restart” the mortgage, so-to-speak. This can be less than ideal for borrowers who want to own their homes outright. But does refinancing always mean starting again from square one? Not exactly. Mortgages are paid off over time through a structure known as amortization. Amortization typically favors the lender, allocating a larger portion of each payment toward the interest first, then gradually applying more and more of the payment toward principal. This is why the majority of

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What are Hybrid Adjustable Rate Mortgages (Hybrid ARMs)?

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A hybrid adjustable rate mortgage, or hybrid ARM for short, is a mortgage that features an initial set rate, or “fixed rate,” interest period in which the interest rate does not change. After this period is over, the interest rate begins to adjust on an annual basis. Hybrid ARMs typically have two numbers in their name, such as a 5/1 ARM or a 7/1 ARM. This can be misleading, as most ARMs are actually 30 year loans. The first number represents the number of years the borrower will have a set, or “fixed” interest rate, and the second number represents

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Does Anyone Refinance from a Fixed Rate Mortgage Into an ARM?

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As mortgage rates drop or stay within historical lows, a lot of home owners consider switching from an adjustable rate mortgage (ARM) to a fixed rate mortgage in order to lock in the lower rate and keep their payments predictable. However, there are some instances when homeowners who have a fixed rate mortgage may want to consider refinancing into an ARM.

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