Tips To Avoiding Mortgage Mistakes While Still Saving Money
Although your mortgage can provide you with many avenues to save money, it’s wise to be
aware of common mortgage mistakes.
When you’re considering doing anything to alter how you establish and pay...
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Tips To Avoiding Mortgage Mistakes While Still Saving Money
Although your mortgage can provide you with many avenues to save money, it’s wise to be
aware of common mortgage mistakes.
When you’re considering doing anything to alter how you establish and pay your
mortgage, avoid the following hazards:
1.
Adjustable Rate Mortgages, known as “ARMs.
” Although an ARM might save you a lot
of money during the first few years you pay your mortgage payment, there may come a time
when the interest rate – and your monthly payment – rises too high to be affordable.
And when it does, you have no control over that rate, because you agreed to the
unknowns early on in the process of accepting the mortgage loan as it was designed.
If
you intend to stay in your house a long time, you’ll want to definitely avoid an ARM.
However, an ARM might work if you’re planning on selling the home and moving within
the first couple of years of home ownership.
2.
Interest only mortgages.
An interest only l
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