Home | Ask Your Question | Mortgage Glossary
Find me a lender for:  
The Way You Pay Depends on How Long You Plan to Stay By Anthony Ferlazzo

Are you needlessly spending hundreds of dollars more than you need to each month for your mortgage because you have the wrong loan type for your circumstances? Understand your options, and their costs. Don't make a 30-year mistake by making assumptions.

If youre like most people, you've probably been bombarded with advice by well-intentioned, although clearly ill informed people, that a 30-year fixed mortgage loan type is the only loan to consider. To dispel a long-standing untruth, a 30-year mortgage is not necessarily the best alternative for a mortgage.

In fact, this is the most expensive loan type available.

Why? The fact is that 96.5% of homeowners sell and move, or refinance, within 7 years of taking out a loan. So why force a lender to commit to providing a 30-year fixed rate mortgage when you could 'buy' a 7-year interest rate commitment at a lower interest rate?

The latest trend of 40-year loans might fit you even better. Or perhaps an adjustable rate mortgage with a 5- or 7-year fixed interest rate. Either way it translates into lower monthly payments for you. True, borrowing the money over a 40-year period or with an adjustable rate could result in you paying a heap more of interest if you keep the loan for more than a few years, but if you move out or refinance during the first few years, as many people do, then youll be coming out way ahead, financially.

So think twice before going ahead with that 30-year mortgage. It can cost you much more than other loan options.


Anthony Ferlazzo makes it easy to obtain a mortgage. He's available to help you with your mortgage. For details and to get going with a mortgage, visit this site now: http://www.lightning-mortgage.com




See Also:

Mortgage Glossary - A Glossary of Mortgage Terms You Should Know
Acceleration Clause A clause in a mortgage defining that the entire outstanding balance can become due and payable should mortgage default occur. If the entire balance is not paid, the property will be foreclosed.Adjustable Rate Mortgage (ARM) Mortgage with interest rates that may be adjusted by ... more...

Online Mortgage in UK - Introducing the Best Mortgage Plan Across UK
Add the term online and it will open for you an exhaustive assortment of opportunities. Add online to mortgage and it will have the same effect. So many people want to get mortgage programme and get with it fast. The online mortgage in UK indisputably takes lesser time and simplifies the entire ... more...

Types of Loans
Loan Types What types of loans are available to me? There are many different types of mortgage offered to consumers. Some of the most popular mortgage broker are the FHA Home Loan (Federal Housing Administration) and the VA Loan . Because the FHA mortgage and VA mortgage are guaranteed by the ... more...

Lowest Mortgage Rates UK Lowering the Cost of Mortgage
Mortgage is the most widespread industry that offered to loan borrowers with real estate as collateral. Mortgage has so many innovations and opportunities that a loan borrower can exploit them for their own benefit. You must have heard and read it elsewhere that mortgage rates are at an all time ... more...


More on mortgage...

Search More Info On:

  • Mortgage
  • Mortgage For You
  • Mortgage Loan
  • Mortgage Rate
  • Mortgage Interest Rate
  • Interest Rate
  •  

    Shop For Your Mortgage Now!
    Shop For Your Mortgage Now!

    You'll be re-directed to Top-Lenders.com

    Want to Know Your Rate?
    Get Customized Mortgage Quote Instantly

     
    ExplainingMortgages © 2005 - 2009