Posts with tag adjustable rate mortgages

Mark Shapiro, owner of a public relations company in San Diego, went shopping last month for a mortgage to buy a house near Poway, Calif. Shapiro, pictured left, had every intention of following his mortgage broker's advice and choosing a 30-year fixed-rate mortgage. But then he looked at the difference between what he'd... Continue Reading »

Adjustable rate mortgages were a popular option when housing prices were soaring a few years back. But they fell out of fashion by early 2009, when they represented just 3 percent of the market, as compared to the 70 percent market share they enjoyed in 1994, according to a New York Federal Reserve report. These days,... Continue Reading »

Obtaining a mortgage loan means dealing with a lot of paperwork, from the documents you have to submit to documents you have to read and sign. More often than not, you're dealing with terms and conditions on various mortgage types that may be so difficult to understand that you just want to pull out your hair. But not... Continue Reading »

Minnesota homeowner Matt Kreger refinanced his $168,000 mortgage into a 4.75 percent 30-year fixed-rate three weeks ago, to get out of a 5-year, interest-only ARM with a 5.7 percent rate, which was set to change at the end of September. Borrowers such as Kreger were part of a push before Labor Day to close on the... Continue Reading »

Even with a potential double dip recession underway and fixed-rate mortgages boasting all-time low rates, some homebuyers are taking a shot at adjustable-rate mortgages (ARMs). While 30-year fixed-rate loans are hovering around the 4.5 to 4.75 percent interest mark, buyers who opt for 5/1 adjustable-rate products will... Continue Reading »