He is the owner of Mortgages Refinance Advisor, a mortgage help site devoted to saving homeowners money with a free guidebook “Mortgage Refinance: What You Need to Know.". To get your free mortgage guidebook visit RefiAdvisor.com using the link below. Louie Latour has twenty years of experience in the mortgage industry as a mortgage broker. Mortgage brokers have access to mortgage lenders and their products that the average homeowner does not. Interest only mortgages allow investors to flip homes while minimizing out of pocket expenses. This interest rate markup in exchange for no closing costs will easily double or triple the expense over the lifetime of the mortgage. The rate your lender quotes you could easily change from one day to the next. There are a number of mortgage lenders advertising loans with “no closing costs." These lenders brag that the mortgage comes with no closing costs, up-front points, appraisal fees, title insurance, or origination fees. Selecting a fixed rate mortgage will protect you from the economy. Common term lengths for fixed rate mortgages are 15 and 30 year loans. Mortgages can be the most intimidating aspect of home ownership. Here are common reasons for refinancing; even while interest rates are on the rise. To learn more about finding the perfect mortgage, sign up for a free mortgage guidebook. To avoid being taken advantage of by a mortgage broker or lender you need to familiarize yourself with predatory lending practices. Accepting a loan with this penalty could cost you as much as six months worth of interest on 85% of the original loan balance if you refinance or sell your home. Home equity lines come with variable interest rates and recent interest rate hikes are likely to wreak havoc on your monthly payments. Mortgage interest rates may be at their highest levels of the last four years; however, it is not too late to find good mortgage deals. He is the owner of Mortgages Refinance Advisor, a mortgage help site devoted to saving homeowners money with a free guidebook “Mortgage Refinance: What You Need to Know.". Fixed interest rate mortgages typically come with term lengths of 15 or 30 years. It’s what the lender isn’t telling you that make these loans and the mortgage lenders that tout them sleazy. He is the owner of Mortgages Refinance Advisor, a mortgage help site devoted to saving homeowners money with a free guidebook “Mortgage Refinance: What You Need to Know.". Make sure you do your homework and shop around for the best deal before you sign an contract. The problem with an interest only mortgage is that you build no equity in your home; the mortgage lender is going to eventually want the principal balance repaid. This means in the beginning, more of your monthly payment goes to pay interest than loan principal. Do not accept a mortgage offer with a prepayment penalty if you can avoid it. If you find yourself in a situation where your cash flow is sporadic and need to make smaller payments, an interest only mortgage could be a temporary fix to the problem. To get your free mortgage guidebook visit RefiAdvisor.com using the link below. He is the owner of Mortgages Refinance Advisor, a mortgage help site devoted to saving homeowners money with a free guidebook “Mortgage Refinance: What You Need to Know.". If you financed your home with an adjustable rate mortgage and are nearing the end of your introductory period your monthly payments will go up dramatically.