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There are even some websites where the lenders fight for you, the winner being the one who offers the lowest interest rates. It behooves home owners to read their bills and lending agreements carefully, including fine print. Mortgage rate trends fluctuate according to how the market is doing at that time. By buying mortgage notes they were able to help buyer that others were not willing to take a chance on and at the same time realize a return higher than other investments were providing. These mortgage payments are worth it since the advances will continue for as long as you live in your home even if the amount exceeds the total value of your home and if this happens you wont owe more than what your home is worth.
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Since most homeowners will only have one mortgage during their lifetime, repeat business will likely be in the form of refinancing and second home loans. can add to the up-front burden of buying a home. In a reverse mortgage, borrowers over sixty can borrow on the value and equity built up in their home without monthly payments. And, if buying a second home is on the mind, they will be more willing to help if they can receive the new business as well. The theory is that the better rates will enable people to buy a better house and remain in an area longer. Consider, the original guideline was that a person will spend up to 25 percent of their income on their home mortgage, including taxes and insurance.
There have never been more choices of lenders than there are today. Companies in competition must do what they can to attract customers thereby putting power into the consumers hand. The last few years have been a buyers market in the mortgage industry. Some new and innovative approaches have risen to meet the needs of consumers that can always shop elsewhere if they are dissatisfied.
The Benefits of Variety
Suntrust Mortgage is one of a few very innovative companies that is making home ownership more accessible than ever. Its mortgage lending offers creative ways to save money on interest and to pay down the debt.
Suntrust Mortgage offers ten to forty year fixed rate mortgages. These are the bread and butter of the industry. The flexibility allows customers at different financial levels the chance to get a mortgage that is right for them. Some would opt for the fifteen year fixed rather than the thirty year because payback is sooner, therefore less interest. Still some are not financially fixed to have that high a monthly payment.
Bi-Weekly Mortgage Payments
One of the most innovative products Suntrust Mortgage offers is the bi-weekly payment schedule. In this schedule the monthly payment is split into two payments. The final monthly payment is exactly the same as if one was paying only once a month. But paying on a bi-weekly schedule means that at the end of the year, one will have made thirteen payments instead of twelve thereby cutting eight years off a thirty year mortgage and building more equity than the standard monthly payment.
No one is locked into this payment method. If it becomes necessary to change, the person is allowed to switch back to monthly payments. But the bi-weekly payment makes sense for several reasons. First of all, the amount of equity that can be built is much better than the traditional pay route. More people can qualify for loans on this system. Also, it fits most peoples pay schedules as most employers these days pay on two week cycles.
Temporary Buy Downs
Suntrust Mortgage offers what are known as temporary buy downs. Temporary buy downs are loans that are structured to start at a lower interest rate over the first year and gradually pick up the initial fixed rate within 24 months. This option is good for those first few payments. One has already absorbed a heft down payment. Costs associated with moving, utilities, new furniture, appliances, etc. can add to the up-front burden of buying a home. Suntrust Mortgage, by offering this option allows lower monthly payments the first twenty-four months, which to lenders and consumers is the most crucial time, gives their customers the best opportunity to comply with the loan and build equity and a good credit history. In the long run, being disciplined in spending and shopping for the right mortgage pays big dividends. Dividends that may be needed down the road.