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Flexible
Mortgage
by Ellise Walsh
A flexible mortgage can be a big
help to the first time home shopper who never thought he or she would be able
to afford a home of their own. There is no doubt that the housing market is
hot right now, and many people are giving up their flats and apartments and
moving on to a home of their own.
Home ownership is a great thing to strive for, and today’s flexible mortgages
make it possible for many people who would not have qualified for a mortgage
loan a few years ago to get finally get into a home of their own.
Flexible mortgages can refer to many non-traditional mortgages. These
non-traditional mortgages can include interest only mortgage loans, balloon
payment mortgage loans, as well as mortgages for longer periods of time and
mortgages with extremely low introductory interest rates.
The term flexible mortgage can also be used to describe various variable rate,
adjustable rate and fixed rate mortgages. Your banker or mortgage broker can
give you further insight into theses various terms and the mortgages they
represent.
Before considering one of these flexible mortgages, it is important to
understand all the terms and conditions before you sign on the dotted line. Be
especially cognizant of any balloon payments that may be contained in the home
mortgage loan. Be aware of things like when the balloon payment is due and how
long you have to pay it. After all, you do not want to pay on your mortgage
for years or even decades, only to lose your home when you cannot make the
balloon payment at the end.
Likewise, it is important to determine the maximum possible interest rate on
any variable rate mortgage loan, particularly one that includes a low
introductory, or teaser rate. After the short initial time period during which
the interest rate is artificially low, the interest rate will rise to market,
or even above market, rates. Be sure you know not only what the initial
monthly mortgage payment will be, but what it will rise to when the initial
teaser period expires.
As with any mortgage, shopping around is the key when looking at a flexible
mortgage. Shopping around can save you lots of money over the life of the
mortgage loan.
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