Mortgage Refinancing - Fixed Interest Rate Loans
If you are in the market for a new mortgage loan, choosing the right type of mortgage could mean the difference between saving money and overpaying. There are two basics types of mortgages loans depending on your objectives and tolerance for risk. Here are several tips to help you choose the best mortgage when refinancing.
Fixed rate mortgages have the advantage of a monthly payment that you can plan your budget around. There is also no risk of payment shock with a traditional, fixed rate mortgage. Payment shock occurs when the mortgage lender raises your interest rate and you can no longer afford the payments. Homeowners that purchased homes they cannot afford with risky Adjustable Rate Mortgages frequently experience payment shock.
The added security of a fixed rate mortgage does come with a price. Fixed rate mortgage loans typically come with higher interest rates than their Adjustable Rate counterparts. If you have little tolerance for financial risk and need a mortgage payment you can plan your budget around, choose a fixed interest rate when refinancing your loan. Be careful when shopping for a new mortgage as loan officers will frequently try and talk you into a loan that gives them the largest commission.
Fixed interest rate mortgages are also frequently marked up by the loan originator to boost their commission at your expense. This markup of the mortgage interest rate is called Yield Spread Premium and if you unknowingly agree to it, you will overpay for your new mortgage. You can learn more about refinancing your mortgage while avoiding costly mistakes with a free mortgage tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com
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