Experts Predict Buyers Will Need a Denver Mortgage Broker’s Services

Housing experts predict that interested home buyers will need the services of a mortgage broker in Denver and in other areas in the country in the following year. Forecasting real estate trends for 2014, these industry professionals say that residential property seekers will build new nests in more economical hubs in the US’ Northwest, Southeast, South Atlantic, South Central, and Rock Mountain regions, including Denver.

In an article by Erin Carlyle of Forbes, experts weighed in their two-cents by saying:

Rising prices, a reversal of underwater mortgages, and easier credit will free Americans up to move. But next time they’ll choose smaller homes in more affordable locations. Redfin is predicting that new lending regulations—which make it harder to borrow more—will send Americans to less expensive hubs like Portland, Denver, Austin, Richmond, Dallas, Houston, San Antonio, Atlanta, and Raleigh.
http://www.thehomeloanarranger.com/experts-predict-buyers-will-need-denver-mortgage-brokers-services/

How to Have a Smooth Home Refinancing Experience

Many homeowners can’t make up their mind whether or not they should get a home refinance. It can be a risky endeavor, especially for borrowers who have poor credit scores and overdue payments. However, if you take into account the following pointers, then you may be able to decide and engage in a smooth refinancing deal.

Reflect on your reasons. It could be that you want to move from an adjustable to a fixed rate loan, cash out from your home’s equity, or lower your interest rates. It’s wise to seek professional advice whether or not you actually need to refinance and when is the best time to do it.

Calculate all the costs and potential savings, and be wary of penalties. Do your homework as soon as you’ve finalized the decision to go for a home refinance. Examine available options systematically and patiently. Shop, compare, and negotiate prudently.

Consult reputable mortgage brokers. They should be able to make you understand your situation well, offer appropriate guidance and solutions, and arrange the best loan deal. You will be saved from a risky and stressful refinancing transaction when you work together with professionals who look out for your best interest.

Choose a mortgage company composed of experienced professionals for a more secure and seamless transaction. Some companies offer a no-cost, no-obligation quote. Take advantage of free initial consultations and other services so you can effectively choose the best mortgage broker without having to spend anything.

Different Types of Home Loan

Taking out a mortgage to purchase a new home is one of the biggest decisions you will make in your life. A home loan is something you will have to settle within the next 30 years or so of your life, unless you eventually decide to sell or refinance the home. Here are three types of home loans you can choose from.

Fixed-interest

For most borrowers, this can be the most ideal type of mortgage because it allows you to pay a fixed monthly fee regardless of the condition of the housing market. This kind of loan protects the borrower from the effects of inflation. This also means, however, that you will be paying the same amount even when market interest rates hit rock bottom.

Adjustable

Borrowers who believe that mortgage rates will eventually go down can go with an adjustable mortgage instead of a fixed-interest one. This type of mortgage is characterized by an interest rate which conforms to the condition of the housing market. Normally, due to the flexible nature of this mortgage, the terms and conditions are far more complex than those of fixed-interest loans.

Interest-only

Some homebuyers are just starting their careers and thus, may be expecting bigger incomes in the future. An interest-only mortgage may be more appropriate for them. This requires smaller upfront and regular payment in the first five to ten years, to be compensated for by bigger payments after the set initial period.