Second Mortgages Can Offer Homeowners Financial Flexibility
Homeowners often find that their equity is locked up in their house when they need some cash, and home buyers often find that the best terms for first mortgages require a 20% down payment. Second mortgages provide a way for homeowners to access their equity and for home buyers to bridge the equity gap for their down payment. Continue reading
Adjustable Rate Mortgages Make A Comeback
The ARM, or adjustable rate mortgage, is set to make a comeback in the home-loan market, despite being practically exiled for many years. In fact, not only is it set to make a comeback, it is also being considered to be one of the best options, in some situations, for people looking to buy or refinance a house.
Back in 2009, statistics showed that only 3% of the home loans then were ARMs. It is a number that is set to change, according to mortgage giant Freddie Mac, who, after a survey of 112 lenders, projected that ARMs will compose around 10% of this year’s home loans, a number that may even be bigger in the jumbo and super-jumbo areas, according to Frank Nothaft, chief economist of Freddie Mac. Continue reading