Welcome to Mortgage Guide
Us Bank Home Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
The Mortgage Loan Basics
from:There are a number of different mortgage loan products out there, but they all have one thing in common: they have either a fixed or variable rate of interest tied to them. The subprime loans that have been implicated in the housing bust were variable rate loans that adjusted at set intervals and were sold to mostly people with poor credit or who sought out jumbo loans. So, even though a loan has a variable rate, it doesn’t necessarily make it a subprime loan and sometimes people get confused about that. They think that the reason people are in trouble are because they had Adjustable Rate Mortgages (ARMs). While that is one of the factors involved in people whose payments rise, subprime loans were targeted to people who couldn’t get a fixed rate mortgage because of either poor credit or a lack of income. Otherwise, an ARM is just another type of mortgage loan that uses a variable rate. If you understand how it adjusts and you don’t buy too much house, even this type of loan can still be attractive to some.
A Fixed Rate Mortgage Loan
A fixed rate mortgage loan has an interest rate assigned either when it was locked in or at closing that remains the same for the life of the mortgage loan. If mortgage rates are rising, it is a good idea to lock in a rate when you are approved for a mortgage. Otherwise, by the time you get to closing the rates may have climbed significantly. However, it is difficult to time mortgage rates as they can fluctuate due to various factors.
The advantage of a fixed rate mortgage is that you always know what your payments will be, within a certain range. You may have adjustments for insurance or property taxes, but for the most part the payments will be pretty constant throughout the life of the loan. Since the fixed mortgage rate is at historically low levels right now, many people like the idea of buying in with a fixed rate and not worrying about what might happen to the index later that can drastically change their payments.
A Variable Rate Mortgage Loan
A variable rate loan is one in which the interest rate is tied to a particular index and adjusts on a set schedule. There are a variety of mortgage loans with variable rates, not just ARMs. You can have a hybrid loan or even two-step mortgages that adjust after a specified period of time. Be sure to read the terms of your loan to ascertain when the rate is due to change and how it will impact your monthly payments so there are no surprises in the future for you.
Us Bank Home Mortgage News
Current Mortgage Rates: SunTrust, TD Bank and US Bank Home Purchase Rates for ... - Eastern Morning Herald
 World News Resource | Current Mortgage Rates: SunTrust, TD Bank and US Bank Home Purchase Rates for ... Eastern Morning Herald Despite the slight uptick in mortgage rates at some top lenders, so far rates are still clinging near record-lows this week, which likely drive more demand for home purchase and refinance applications. Today, Bankrate.com (NYSE:RATE) announced, ... Best Home Purchase Mortgage Rates Today: US Bank Still Going Strong Today's Mortgage Rates for 5/24/12 European Strife Gives America Life |
Home Purchase Mortgage Rates: US Bank Lower than Chase, Bank of America - World News Resource
World News Resource | Home Purchase Mortgage Rates: US Bank Lower than Chase, Bank of America World News Resource For those able to qualify for the most attractive mortgage rates of all, US Bank (NYSE:USB) has this week represented possibly the very best choice of all in terms of bargain home purchases. As can clearly be seen by the figures below, ... |
US bank earnings rose this winter to 5-year high - WBRC
 KVAL | US bank earnings rose this winter to 5-year high WBRC The number of troubled banks fell for the fourth straight quarter.More >> By The Associated Press The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly ... Minnesota's small banks are gaining strength FDIC Sues Bank Of America, JPMorgan, Others Over Toxic Mortgage Bonds That ... FDIC: Bank profits at highest level since 2007 |
US 30-year mortgage rate falls to record 3.78 pct. - WBRC
 Bloomberg | US 30-year mortgage rate falls to record 3.78 pct. WBRC The number of troubled banks fell for the fourth straight quarter.More >> By The Associated Press The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly ... BofA May Turn Profit on Mortgage Buybacks, Credit Suisse Says BofA to Buy Back $330 Million of Mortgages From Freddie Mac Mortgage rates hit 4th straight record low |
Current Mortgage Rates: US Bank, Fifth Third Bank and BB&T Home Purchase Rates ... - Eastern Morning Herald
 Best Syndication | Current Mortgage Rates: US Bank, Fifth Third Bank and BB&T Home Purchase Rates ... Eastern Morning Herald In the absence of significant economic reports today, mortgage rates tend to remain at record-low levels. Those potential customers, who qualify for rock-bottom rates, will find some incredible home mortgage loans on offer today. US Bank (NYSE:USB), ... Best Home Purchase Mortgage Rates Today at US Bank Today Current Mortgage Rates Today – Capital Markets Prompt Changes at HSBC and US Bank Loans at lower rates, harder to get |