Jennifer A. Klein
Derek Sandoval
By Jennifer Klein and Derek Sandoval
FHA mortgage insurance premiums rose on April 1, 2013. Placer County Association of REALTORS® YPN members Jennifer Klein and Derek Sandoval discuss exactly what has changed as well as what these changes mean for real estate professionals and those applying for a loan.
Jennifer Klein is a REALTOR® in Northern California who is experienced in short sales, investments, and property management. Connect with Jen at RosevilleAndRocklin.com, JenKlein.com, and @JenKleinSac.
Derek Sandoval has worked for Keller Williams Realty in Roseville, Calif., since 2009, and specializes in residential, REO, and short sales. Find Derek at www.dereksellshomes.com and dereksellshomes.featuredblog.com.
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. Continue reading »
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