Rate Second Mortgage
Because the mortgage
rate is so low, most home buyers realize that a fixed rate second
mortgage is best. Although it is usually possible to get a lower rate
with an adjustable
rate second mortgage, a fixed rate
mortgage will guarantee that you get to keep your low rate for the life
of the loan. Since the mortgage
rate has nowhere to go from here but up, the best thing for most homeowners
to do at the moment, is secure the best fixed
rate 2nd mortgage they can find.
Rate Second Mortgage FYI:
Fixed Rate Second Mortgage Loan applies the same interest rate toward monthly loan payments for the life of the loan. Fixed-Rate Loans are more straightforward and easier to understand than Adjustable Rate Mortgages (ARMs) or ARM mortgages. They are also more secure for the buyer, and are popular with first-time homebuyers looking for home mortgage loans. Since the lender takes a higher risk, fixed-rate mortgages generally have higher interest rates than ARM mortgages. For example, a lender of home mortgage loans can offer a 30-year fixed rate loan to a homebuyer at a 7.0% interest rate. The fixed rate loan is locked in to the 7.0% interest rate, even if the market interest rate rises to 9.0%. Conversely, if the market interest rate decreases to 5.5% for home mortgage loans, you, as the borrower, will continue to pay the 7% interest rate.
|Fixed Rate Refinancing with a Second Mortgage
Take Advantage of low payments from Interest only home equity loans (also called credit lines).
These lines offer homeowners cash out for home improvements and construction whenever they need it.
| Get cash fast with a low rate second mortgage. Refinance adjustable credit cards today and invest the savings in your family!
Second Mortgage Loan benefits include:
- No change in monthly principal and interest payments regardless of fluctuations in interest rates
- More stability may give you "peace-of-mind"
Now is an excellent time to consider a fixed
rate 2nd mortgage. Today's market practically guarantees a low mortgage
rate, and a fixed
rate mortgage can insure you benefit from these low
rates for the full term of your mortgage. Although your initial payments
maybe higher than with an adjustable rate mortgage, you will receive the security
of a fixed monthly payment for the life of you loan, regardless of rising interest
rates, and are also likely to have a lower down payment. A fixed
rate mortgage is perfect for anyone who likes to budget monthly expenses
and plans to keep their home for several years.