| Well over a dozen times the Federal Reserve Bank | | | | Fixed Rate, Old Dependable - A fixed rate mortgage |
| has been raising Mortgage Interest Rates since 2003. | | | | is the "old standby" in the mortgage portfolio. Typically, |
| After bottoming out at historic low rates, Mortgage | | | | a 30 year mortgage is secured by new homeowners |
| Interest Rates are climbing and presenting a problem | | | | who keep paying a fixed rate for the life of the loan. In |
| for some homeowners as well as for people seeking | | | | some locales, 40 year even 50 year fixed rate loans |
| to buy a new home. How can you combat rising | | | | are available. Consider the added costs of the longer |
| Mortgage Interest Rates? Well, you have a few | | | | loan, but it may be the only option for you if you live in |
| options available to you so let's explore what they are | | | | a pricey area. |
| in order to keep you sane and financially solvent. | | | | Government Programs - A lifesaver for some, various |
| Interest Only Mortgage - If you took the bite on an | | | | government programs have assisted homeowners in |
| Interest Only Mortgage, then you must refinance now | | | | the face of rising Mortgage Interest Rates. A VA loan |
| in order to avoid being devoured later. Interest only | | | | could be the perfect choice for military families and |
| mortgages have been one way for new homeowners | | | | retirees; the FHA backs loans for many homeowners; |
| to get a home where no other way existed. | | | | state programs are available for low and moderate |
| Unfortunately rising mortgage interest rates mean that | | | | income homebuyers; and some cities offer special |
| future payments will leap by hundreds of dollars per | | | | programs for people who buy homes in distressed |
| month once you have to refinance. Refinance now or | | | | neighborhoods. Explore the HUD for options too and |
| pay a big price later. | | | | check with a qualified mortgage broker to learn what |
| Adjustable Rate: Still a Good Thing? -- Despite rising | | | | options are available for you. |
| mortgage interest rates, an adjustable rate mortgage | | | | Yes, Mortgage Interest Rates are likely to continue to |
| could still make a lot of sense especially if you plan on | | | | rise at least for the time being. Don't get stuck; fight |
| selling your home before the adjustment period kicks | | | | back against rising mortgage interest rates by |
| in. Your monthly mortgage payment could be hundreds | | | | exploring your options today for peace of mind and |
| of dollars lower with an adjustable rate mortgage. | | | | financial security. |