Article: Why ?No Points? 30-Year Fixed Loans Don?t Make Sense
|
|
|
|
|
Why ?No Points? 30-Year Fixed Loans Don?t Make Sense
I hear it all the time, and you probably do too. On the radio, TV, in the newspaper or online ? ?Call now to get a 30-year fixed loan at x% with no points or fees!?. I?d like to explain to you why this almost never makes sense.
First, we need to make an assumption ? if you?re getting a 30-year fixed loan, you?re planning on keeping the loan for several years. This may seem simple, but so many people get 30-year fixed loans because it?s what they?ve always gotten or because everything else is perceived as risky. If you?re not going to keep your loan for at least 7-10 years, it makes no sense to get a 30-year fixed loan. There are products available called hybrid ARMs (adjustable rate mortgages), which allow you to fix your rate for a set period of years (typically 3, 5, or 7 ...
|
|
|
|
|
|
|
Home
|
Back To Articles Directory
|
|
|
Send your comments, Suggestions or
Queries regarding this site at roseindia_net@yahoo.com.
|
|
Copyright © 2006. All rights
reserved.
|
|