10 Year Mortgage Rates [mortgageprotectiontips.blogspot.com]
Skip to realestatenewscoverage.com plus realestatenewscoverage.com and realestatenewscoverage.com
mortgageprotectiontips.blogspot.com 10 year mortgage rates.mp4
Mortgage rates have been dropping because they tend to track the yield on the 10-year Treasury note. Uncertainty about how Europe will resolve its debt crisis ... Rate on 30-year mortgage falls to record-low 3.66 percent
Buying a home is one of the biggest dreams of all of us. But most of us are not born with silver spoons, and as such, we have to depend on financial institutions to find the money required for making such an expensive purchase. You know that mortgaging, lending and related activities are the backbone of our economic services. As such, all money lenders are vying with one another in order to attract potential customers and thereby increase their profit base.
Banks would lend you the money against the mortgage of the property you are buying. The monthly premium and the term of the loan would be determined after considering your repayment capacity. The rates of interest charged by different lending services also differ. The loan term can go up to forty years in some cases, coming down to around ten years.
A 10 year mortgage is the most beneficial if you have the repayment capacity.
The biggest advantage is that you are free from the yoke of your financier in just ten years whereas a loan term of more years can prove to be financially heavy on you. The interest you pay also is comparatively less and less biting. The flip side is that your monthly installment would be much higher. Short term mortgage rates are the best option if you are planning to upgrade in a short time span.Paying off your debt quickly is highly desirable in the current economic scenario as it would save you a lot of extra payment. A quick comparison of a ten year mortgage with a longer duration mortgage would prove that ten year mortgages are the best if you can save the extra money for paying off. This is why most borrowers prefer the ten year mortgage scheme. Your equity value grows phenomenally faster and you would gain peace of mind earlier.
Another major advantage is that the amount you pay as interest in a ten year agreement almost doubles in a fifteen year mortgage. The difference would only go up greatly as the loan term increases.However, never go for short term mortgages if you feel that you cannot afford it. Longer term mortgages are much more manageable for most people. However, for ensuring fast growth of your equity, gaining quick freedom from debt and subsequent tranquility in life, there is no other option but to go for a ten year mortgage plan.
Recommend 10 Year Mortgage Rates IssuesQuestion by bob: i have five years left on a 10 year fixed rate mortgage at 5.125%. can i refinance now at lower rates? I want to take advantage of lower interest rates. I currently owe $ 86,500 on my mortgage. I have five years left on a ten year fixed rate mortgage. is there any type of mortgage out there that would be available to me that would let me achieve this goal? Best answer for i have five years left on a 10 year fixed rate mortgage at 5.125%. can i refinance now at lower rates?:
Answer by surojabu
Why would you want to? You'll have the mortgage paid off in 5 years. I'm assuming the loan does not have a balloon payment or similar type agreement at the end of the 10 years which would prompt a person to refinance. Anything you do to refinance will just make you owe more on the loan due to fees, etc. It really wouldn't be worth the drop in interest. Plus you have an excellent rate, even by the present economy's standards.
Answer by doinou
Don't do that. For what it will cost you in closing costs, just increase your payments as much as you can and reduce the remaining term. Congrats.
Answer by advocate172000
I guess you'd find it difficult if not impossible to get a better rate, consider yourself fortunate, let the thing roll and in 5 years your home and dry.
Answer by chatsplas
Probably doesn't make financial sense to do this. Your loan amount is low and the new interest rate MU ST be a full point lowe, if not 2 points, to make sense. You will pay off your loan in 5 years, and probably won't break even on the closing costs by that time with these facts. Better for you to make some extra payments of principal on this loan then to do a refi with all the costs.
