Is it too late to get on board with a new mortgage? I cannot turn on the TV or the radio without hearing a commercial for a mortgage. Houses are selling at much lower prices in the last few years and these low interest mortgages make it even more affordable. It seems we hit bottom and they are starting to creep up. Should you wait or act now? What should you do?
Before you just go out and get the first mortgage that you see, you need to figure out how much you can afford. One way to find out is to use a mortgage calculator. Before you can use a calculator, you need to know what interest rate you will qualify for. This is a little more complicated because it is based on your credit score and the bank. Shopping for a new mortgage or refinancing an existing mortgage is made easier on the internet. You can apply for a new mortgage or refinance an existing mortgage online.
You can research various rates online and learn about different mortgages. There are two main kinds of mortgages such as fixed or variable interest rates. There are a lot of choices such as length of mortgage. Do you want a 15 or 30 year mortgage? With interest rates so low, now is a great time to lock up a fixed rate mortgage. A 30 year mortgage will have lower monthly payments, but you will pay more interest. A 15 year mortgage has a lower interest rate and you will pay less interest.
What should you do? First find out what is available and which one fits your situation. Interest rates are going up, but find the new mortgage that fits your needs. After all, it is your home and it is your choice. Is it too late to get on board with a new mortgage?
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