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Home Mortgage Info | Coldwell Banker Realty Blog

Thursday, October 27, 2022   /   by Steve Ticknor

Is an Adjustable-Rate Mortgage a Good Option for Me?

For the past few years, interest rates hit historical lows. Unfortunately, that is no longer case. We keep seeing rates go up, up, and UP! With the lower rates, financial experts suggested that a fixed-rate mortgage was the better option for home buyers. However, that may no longer be the case. How do you know whether to choose a fixed-rate (FRM) or an adjustable-rate mortgage (ARM) when it comes to your home loan options?

Adjustable-Rate Mortgage for the Home Buyer
How Does an ARM Work?
Unlike fixed-rate mortgage loans, the interest rate on an adjustable-rate mortgage fluctuates over time. Initially, it starts out lower than a fixed-rate mortgage. For example, Freddie Mac shows the average 30-year FRM at 7.08% as of the writing of this post. However, they show the ARM at 5.96%. On a $400,000 mortgage, that means a difference of almost $300 a month ($3600 in the first year). But this will not always be the case. The rate may go up or down.
For a set period of time (usually the fi. ...

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  lake havasu real estate, home buying tips, home mortgage info

Thursday, December 16, 2021   /   by Steve Ticknor

Why Loan Pre-Approval is Important to Your Havasu Home Search

In the past, homebuyers could visit a lender, answer a few questions, and get a rough idea about what they would qualify for in a home loan. That was enough to start their home search. However, nowadays, buyers need to include a pre-approval letter with their offer. And in a seller's market like Lake Havasu's, you may only have a few days to find a property and put in an offer before someone else snatches it up. Therefore, we at the Sunstone Real Estate Group highly recommend that you make an appointment with your lender before you start looking for your new Havasu home.

Why Loan Pre-Approval is Important to Your Havasu Home Search
Pre-Qualification vs Pre-Approval
It might help you understand why pre-approval is preferred over pre-qualification if you know the difference between the two. Pre-qualification takes just a few minutes. The lender asks you about your income, employment, and if you have any assets among other things. Then, they may perform a "soft credit check" to see . ...

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  lake havasu real estate, home buying tips, home mortgage info

Coldwell Banker Realty
Steve Ticknor And Bob Ulery
2148 McCulloch Blvd N #105
Lake Havasu City, 86403
928-302-6177

Copyright 2023 WARDEX Multiple Listing Service. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable, but not guaranteed. This data is provided by the Western Arizona REALTOR Data Exchange, Inc.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.
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