Today, fully two-thirds of all home mortgages are non fixed-rate type loans. “There are so many different products out there today,” Tuli said. “All kinds of adjustables, interest-only loans, option ARMs, 40-year fixed instead of 30-year fixed rate loans, combination loans. There is an unlimited number of products and options available. You can tailor a product to each person’s specific need.”

When shopping for a mortgage, it’s important to take advantage of the Truth-in-Lending Act which requires lenders to disclose their rates and fees in writing. You can then compare these disclosures. Also take advantage of the many mortgage calculators that are available online to figure out your monthly payments under different products. And most important take advantage of the Internet and other resources to educate yourself about different products, especially some of the more exotic ones.

click here for article

search for : home mortgages, interest-only loans, option ARMs, Truth-in-Lending Act

bookmark this article to your choice of sites