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All information is provided as is. Additional research, information verification, and professional consultation should be done before using any
information provided on this site or any site linked to from this site. We make no guaranties as to accuracy, content, truthfulness, quality, or
fitness for a particular purpose of any of the information presented on this site. We do not assume any legal liabi ty or responsibility for any
incorrect, misleading, outdated, or missing information. Additionally, we do not assume any legal liability or responsibility for the contents,
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| Real Life Information... on Home Related Topics - Mortgage Information |
Choosing a mortgage may be the most important financial decision you will
make. You are entitled to have all the information you need to make the right
decision. Don't hesitate to ask questions about ARM agents, sellers, and
your attorney, and keep asking until you get clear and complete answers.
Back to: Mortgage Overview
make. You are entitled to have all the information you need to make the right
decision. Don't hesitate to ask questions about ARM agents, sellers, and
your attorney, and keep asking until you get clear and complete answers.
Back to: Mortgage Overview
Adjustable Rate Mortgages (ARMS)
broker and read the information provided to you to make sure you understand when and by
how much the payment will change.
Where to Get Information
Disclosures from lenders
You should receive information in writing about each ARM program you are interested in
before you have paid a nonrefundable fee. It is important that you read this information and
ask the lender or broker about anything you don't understand--index rates, margins, caps,
and other ARM features such as negative amortization. After you have applied for a loan, you
will get more information from the lender about your loan, including the APR, a payment
schedule, and whether the loan has a prepayment penalty.
how much the payment will change.
Where to Get Information
Disclosures from lenders
You should receive information in writing about each ARM program you are interested in
before you have paid a nonrefundable fee. It is important that you read this information and
ask the lender or broker about anything you don't understand--index rates, margins, caps,
and other ARM features such as negative amortization. After you have applied for a loan, you
will get more information from the lender about your loan, including the APR, a payment
schedule, and whether the loan has a prepayment penalty.
The APR is the cost of your credit as a yearly rate. It takes into account interest, points paid
on the loan, any fees paid to the lender for making the loan, and any mortgage insurance
premiums you may have to pay. You can compare APRs on which loan will cost you less in
the long term, but you should keep in mind that because the interest rate for an ARM can
change, APRs on ARMs cannot be compared directly to APRs for fixed-rate mortgages.
You may want to talk with financial advisers, housing counselors, and other trusted advisers.
on the loan, any fees paid to the lender for making the loan, and any mortgage insurance
premiums you may have to pay. You can compare APRs on which loan will cost you less in
the long term, but you should keep in mind that because the interest rate for an ARM can
change, APRs on ARMs cannot be compared directly to APRs for fixed-rate mortgages.
You may want to talk with financial advisers, housing counselors, and other trusted advisers.
Graduated-Payment or Stepped-rate Loans
Some fixed-rate loans start with one rate for one or
two years and then change to another rate for the
remaining term of the loan. While these are not
ARMs, your payment will go up according to the
terms of your contract. Talk with your lender or
Some fixed-rate loans start with one rate for one or
two years and then change to another rate for the
remaining term of the loan. While these are not
ARMs, your payment will go up according to the
terms of your contract. Talk with your lender or
When buying a home or refinancing your existing mortgage, remember to shop around.
Compare costs and terms, and negotiate for the best deal. Your local usually find
information on interest rates and points for several lenders. Since rates and points can
change daily, you'll want to check information sources often when shopping for a home loan.
Don't be afraid to make lenders and brokers compete with each other for your business by
letting them know that you are shopping for the best deal.
Compare costs and terms, and negotiate for the best deal. Your local usually find
information on interest rates and points for several lenders. Since rates and points can
change daily, you'll want to check information sources often when shopping for a home loan.
Don't be afraid to make lenders and brokers compete with each other for your business by
letting them know that you are shopping for the best deal.
Any initial information you receive about mortgages probably will come from advertisements
or mail solicitations from builders, real estate brokers, mortgage brokers, and lenders.
Although this information can be helpful, keep in mind that these are marketing
materials--the ads and mailings are designed to make the mortgage look as attractive as
possible. These ads may play up low initial interest rates and monthly payments, without
emphasizing that those rates and payments could increase substantially later. So, get all the
facts.
Any ad for an ARM that shows an initial interest rate should also show how long the rate is in
effect and the APR on the loan. If the APR is much higher than the initial rate, your
payments may increase a lot after the introductory period, even if interest rates stay the
same.
or mail solicitations from builders, real estate brokers, mortgage brokers, and lenders.
Although this information can be helpful, keep in mind that these are marketing
materials--the ads and mailings are designed to make the mortgage look as attractive as
possible. These ads may play up low initial interest rates and monthly payments, without
emphasizing that those rates and payments could increase substantially later. So, get all the
facts.
Any ad for an ARM that shows an initial interest rate should also show how long the rate is in
effect and the APR on the loan. If the APR is much higher than the initial rate, your
payments may increase a lot after the introductory period, even if interest rates stay the
same.
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