Trendy Mortgage Refinancing and Second Mortgage Programs: A Brief Review
The combination of rising interest rates (although still historically low) and rising home prices has caused the robust mortgage market to slow from its record pace. This has motivated lenders to either introduce creative new loan products or to more aggressively market existing products. If you have not shopped for a in a while, you will find numerous new products from which to choose. Following is a brief review of some of the new and popular products available today.
Interest Only With this loan program you are paying only the interest on your mortgage and are not paying any principal. This reduces your monthly payments and can allow you to afford a larger home or save more money on a mortgage refinancing or home purchase loan. If used carefully, you can also free up cash flow that can be used for investment purposes or to pay down high interest rate debt.
Negative Amortization These are often marketed using the phrase option arm or choice mortgage. With this loan type, your payment does not cover all of the monthly interest. Often, your mortgage balance is increasing and...
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