What exactly is an interest-only mortgage? Simply put, it's a type of home loan where you pay only the interest for a certain period, typically the first five to ten years. After this initial period, you begin paying both the principal and interest, resulting in higher monthly payments. Weighing Your Options Pros: Lower Initial Payments: One of the primary attractions of interest-only mortgages is that during the initial period, your monthly payments are significantly lower compared to … [Read more...]
Exploring the HECM Reverse Mortgage Program for Seniors
For many seniors, home equity represents a substantial portion of their wealth. However, accessing this equity while maintaining homeownership can be challenging. This is where Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, emerges as a potential solution. We will discuss the HECM program, shedding light on its features, costs, and potential risks, to help seniors make informed decisions about their financial future. Understanding HECM HECM is a federally-insured … [Read more...]
What’s Ahead For Mortgage Rates This Week – April 1st, 2024
As expected from the prior inflation reports with CPI and PPI, the PCE index had also shown the same corollary among its data points, reporting a higher than expected increase for the month of February across all products. In addition, the Chicago PMI had shown a declining trend of activity among businesses for the 6th week in a row. All this points to that there might be a case for the Federal Reserve to continue holding rates in the next rate decision coming up in the summer of 2024. There has … [Read more...]
A Consumer Guide To Second Mortgages
In the realm of personal finance, the term "second mortgage" often emerges as a solution for homeowners seeking additional funds. But what exactly are second mortgages, and how do they work? Join us as we embark on a journey to unravel the basics of second mortgages, helping you make informed decisions about your financial future. What Exactly is a Second Mortgage? A second mortgage, as the name implies, is a secondary loan secured against your property, in addition to your primary mortgage. It … [Read more...]
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