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Risky real estate moves
Risky real estate moves Put nothing down and don't worry much about monthly payments -- what's the worst that can happen? March 7, 2005: 5:36 PM EST By Sarah Max, CNN/Money senior writer SALEM, Ore. (CNN/Money) – The American spirit of "buy now and pay later" - or never -- has been a driving force behind this unprecedented housing market... : Risky real estate movesClosed Mortgages
In a closed mortgage, the interest rate is locked in for the full term of the mortgage and you must pay compensation, known as pre-payment charges, to the mortgage lender to renegotiate the interest rate or pay off the balance prior to the end of the term. Closed mortgages are usually the better choice for buyers who suspect that interest rates may be on the rise and for those who are not planning to move in the short term. They are often consider... : Closed MortgagesAdjustable Rate Mortgages (ARM )
ARM’s are mortgages whose rates adjust according to the terms of the contract you made with the lender.Usually interest rates are fixed for the first 1, 3, 5, 7 or 10 years. After that period is up, rates will be allowed to fluctuate within the limits of your contract with the lender.Terms are usually 15 or 30 years (although you can negotiate just about any duration you want). There can be a balloon involved.Because th... : Adjustable Rate Mortgages (ARM )Balloon mortgage
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or co... : Balloon mortgageConventional Mortgage
Most mortgages are conventional, the terms just vary. A conventional mortgage to most people is a 15 or 30 year fixed rate mortgage with at least 20% down.... : Conventional MortgageFor more information about shorter term mortgage: Very good money site!
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