My husband and I are putting up a modular home on some land we inherited. Of course, having been an apartment dweller for most of my adult life, I had no idea what this endeavor entailed. Thank goodness for Real-estate-yogi.com! I came across this user-friendly website as I was searching for information about mortgages. It was so helpful! I learned to understand an adjustable rate home loan versus a fixed rate mortgage. I found out that we should check out a few different lenders to see what sort of interest rates they offered, and to find out if we could get a larger loan from one than from another. This proved to be invaluable direction! We got an excellent rate, terrific terms, and more money than we thought we could, so we looked at a larger house, which we then signed a sales contract for.
Real-estate-yogi.com also helped me see how easy it is to check the current adjustable rate mortgage rates. All I have to do is go online, type in what I’m looking for, and wait a few seconds. Of course, rates vary from place to place and lender to lender, but they’re usually pretty similar. However, the lowest rate you can get is the one that will save you big cash, so... After I found out what the rates were for an adjustable rate mortgage (ARM), it occurred to me that I wasn't exactly clear on how it works. I know that the rate is subject to change at certain intervals, but I didn't know if there are caps on how much it could rise, which there are, by the way. I realized the advantages of adjustable rate mortgages, too. One of them is the lower rate. Another is less money needed for a down payment. Too, the initial low rate is fixed for a certain amount of time; then it begins to change. There are other pluses for ARMs; check them out.
While I was learning all this information, I also picked up facts about FHA refinancing rates, in case my husband and I ever need to refinance our new mortgage. I’m telling you, Real-estate-yogi.com is a font of information! While the rate for FHA refinance is currently somewhere around 3. 5%, I know it will be different when or if we need to know it for ourselves. Still, it’s good to be aware of where to look for this figure, which is
www.real-estate-yogi.com, of course! You can get a free consultation by calling 1-800-987-1397, any time, day or night. The knowledgeable staff is always available to help you get answers to any home buying financial questions, and they are among the most polite people I’ve ever dealt with, so give them a call and let them help you as they did me.
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