Mortgage Information
Owning Vacation or Rental Property
In many ways, owning a vacation or rental property makes sense on a lot of levels. It can dramatically reduce the cost of vacations, bring your family closer together, be a good investment, and generate rental income. Today, financing your vacation property is easier than ever, with mortgages available for several different property types, including revenue properties.
Lock Into Today's Historic Low Rates
Yes, it's true --- mortgages have not been this low for 40 or 50 years. Imagine paying close to 20% interest like most people did back in the early 80's! Even the long term average 5-year rate is over 10%. The opportunity exists today for you to lock into today's historic low rates for the long term --- up to 25 years --- so that you can show how little you're paying when everyone else in the year 2020 is paying twice that.
Buying a Home When Self-Employed
You'd think having a successful self-employed business would make you an attractive prospect for a mortgage. But many lenders havn't seen it that way and require extra documentation and higher interest rates -- if they approve you at all. Fortunately, it is possible to get hassel-free mortgage financing at mainstream interest rates.
Take Advantage of Current Low Rates
If you are the kind of person who is comfortable with fluctuations in interest rates, there are real savings to be realized in letting your mortgage rate float with Prime. Historically, floating mortgage rates have averages substantially lower than fixed rates, which always include a premium for insuring that your rate won't rise. Ask your mortgage broker about a variable mortgage.
Reduce Overall Interest Payments
For most people, mortgage debt isn't the only debt they have. A balance on your credit card and one or two consumer loans is common these days. But while your mortgage may not be your only debt, it's almost certainly your least expensive debt. Consider taking equity out of your home, paying off your other debts and ending up with and single monthly payment at a much lower interest rate.
Switch to Today's Lower Rates
If you're locked into a long term mortgage from a few years ago, there's a very good chance you are paying substantially higher interest rates than what you'd be paying today. But what can you do if you're locked in and face the propspect of early pay-out penalties? The best thing you can do is have a Mortgage Specialist look into your situation. It's possible that today's low rates could make breaking out and paying the penalty a wise investment.