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Whatever type of mortgage product you choose depends on your plans for the future. Understanding the fundamentals will help you make an informed decision. An adjustable rate mortgage, or ARM, is a loan product that does not have a guaranteed interest rate for the entire term of the loan. The rate stays the Nike Air Huarache For Womens
same during the first part of the loan, or the 'initial rate period' but it is subject to change after that. An ARM does come with a few advantages. Discount points are a fee you can pay to lower your interest rate. Each point costs 1% of the amount you borrow. When you buy a point, your interest drops by one eighth to one quarter of a percent.
is because the 0.625% rate is applied to the total principal of the loan every month. As the total principal goes down, so do your interest payments.
With a fixed rate mortgage, rates and payments will stay the same for the entire loan term, which makes it easier to understand and build a budget. It's a good option for someone who plans to stay put for a long time. However, if interest rates fall, you will have to refinance to get the lower rates.
How do Discount Points Work?
a 20 year mortgage.
If you have looked at an amortization chart, you will have noticed that the amount if interest you pay each month goes down while the amount paid towards principal goes up. That Nike Huarache Black And Green
For example, if you borrow $200,000 with an interest rate of 5.5% and you purchase one point, which would cost you $2000, your interest rate will lower to 5.25%. This will save $31 per month on Nike Air Huarache Grey Red
Let's say that you qualify for an annual interest Nike Huarache Ultra Men's rate of 7.5%. Interest is calculated monthly, so divide that number by 12 to get a monthly rate of 0.625%. This is the amount of interest you will pay each month.
You can generally get lower interest rates and thus lower monthly payments during the initial rate period, which is good if you plan to resell quickly. Another advantage is that after the initial rate period, you will save money if interest rates drop further. However, remember, the rates could also rise. ï»¿Understanding Interest Rates in Real Estate
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