Free Tips Help Buyers Find the Right Home Loan

By G. M. Filisko, contributing writer, HouseLogic

Fixed- or adjustable-rate mortgage? How do you answer that perennial buyer question?

Get the 411 on finding the right home loan—including eight questions buyers should ask themselves before choosing an adjustable-rate mortgage—from the free August “Financing Your Home Purchase” article package now at the REALTOR® Content Resource. Here’s just some of the information on adjustable-rate mortgages you’ll find there:

  • An ARM does just what its name implies: Its interest rate adjusts at a future date. It moves up and down according to a particular financial market index, such as Treasury bills. Typically, ARMs include a cap on how much the interest rate can increase, such as 3 percent at each adjustment, or 5 percent  over the life of the loan.
  • ARMs can be a good choice if you expect your income to grow significantly in the coming years. ARMs also often offer a lower interest rate than fixed-rate mortgages during the first few years of the mortgage, which means big savings for you—even if there’s only a half-point difference. But if rates go up, your ARM payment will jump dramatically.

Also covered in the August “Finance Your Home Purchase” article package now at the REALTOR® Content Resource are tips on determining how much mortgage you can afford, improving your credit, deciphering your home loan’s good-faith estimate, and the tax advantages of homeownership.

The REALTOR® Content Resource, the new tool brought to you by the NATIONAL ASSOCIATION OF REALTORS®, is an exclusive NAR member benefit that entitles you to download free homeownership content to your consumer Web site, blog, or e-newsletter. HouseLogic is the NATIONAL ASSOCIATION OF REALTORS’® no-topic-left-uncovered consumer Web site geared to helping home owners make smart decisions to maintain, protect, and increase the value of their home.

  1. Thanks for sharing the information about the Realtor Content Resource. I will have to incoporate that information into my blog content.