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Member You - Mortgage Refinancing - Is There a Best Index for Your Adjustable Rate Mortgage
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1. Treasury Constant Maturities (TCM) – This is based on interest bearing notes, bills, and bonds issued by the United States Government. Many Adjustable Rate Mortgages are linked to the one year TCM index. You may have the choice o
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Despite what your financial advisor may be telling you, there is no best index for your Adjustable Rate Mortgage. Financial advisors tell would-be Adjustable Rate Mortgage borrowers to choose a slow moving index for their loan so they can avoid mortgage payment shock. They usually do this to coax you into a high cost mortgage loan ripe with Yield Spread Premium markup. Rather than obsessing over which index is best, the most cost effective solution to your mortgage refinancing needs is to understand how your payments go up and down over time. This will enable you to enjoy lower payments when you get them and focus on your “Average Savings” over time.
So what are the different indexes your can choose from when mortgage refinancing with an Adjustable Rate Mortgage? Here are four of the most popular Adjustable Rate Mortgage indexes.
1. Treasury Constant Maturities (TCM) – This is based on interest bearing notes, bills, and bonds issued by the United States Government. Many Adjustable Rate Mortgages are linked to the one year TCM index. You may have the choice of
Do you know that the higher your credit score is, the lower your mortgage interest rate will be. That is obvious to some but not everyone. Another good thing with some mortgages is that there are alternatives which will help secure you a lower interest rate for the first three to five years. At the end of that per
Despite what your financial advisor may be telling you, there is no best index for your Adjustable Rate Mortgage. Financial advisors tell would-be Adjustable Rate Mortgage borrowers to choose a slow moving index for their loan so they can avoid mortgage payment shock. They usually do this to coax you into a high cost mortgage loan ripe with Yield Spread Premium markup. Rather than obsessing over which index is best, the most cost effective solution to your mortgage refinancing needs is to understand how your payments go up and down over time. This will enable you to enjoy lower payments when you get them and focus on your “Average Savings” over time.
So what are the different indexes your can choose from when mortgage refinancing with an Adjustable Rate Mortgage? Here are four of the most popular Adjustable Rate Mortgage indexes.
1. Treasury Constant Maturities (TCM) – This is based on interest bearing notes, bills, and bonds issued by the United States Government. Many Adjustable Rate Mortgages are linked to the one year TCM index. You may have the choice o
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So what are the different indexes your can choose from when mortgage refinancing with an Adjustable Rate Mortgage? Here are four of the most popular Adjustable Rate Mortgage indexes.
1. Treasury Constant Maturities (TCM) – This is based on interest bearing notes, bills, and bonds issued by the United States Government. Many Adjustable Rate Mortgages are linked to the one year TCM index. You may have the choice o
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So what are the different indexes your can choose from when mortgage refinancing with an Adjustable Rate Mortgage? Here are four of the most popular Adjustable Rate Mortgage indexes.
1. Treasury Constant Maturities (TCM) – This is based on interest bearing notes, bills, and bonds issued by the United States Government. Many Adjustable Rate Mortgages are linked to the one year TCM index. You may have the choice o
Tapping into your home equity loans qualifies you for low rates with the potential benefit of tax write offs. Lenders have developed a number of financing solutions for you, each with their own pros and cons. Home equity loans provide low rates with some closing costs. On the other hand, a home equity line
1. Treasury Constant Maturities (TCM) – This is based on interest bearing notes, bills, and bonds issued by the United States Government. Many Adjustable Rate Mortgages are linked to the one year TCM index. You may have the choice of a 3, 5, or 20 year TCM. Most hybrid loans are tied to a one year TCM after their fixed rate period ends.
2. London Interbank Offered Rate (LIBOR) – This index rate is based on rates used by London Banks for short term loans made to European Banks. Mortgage lenders based in the United States often use this index because they frequently sell mortgage debt to investors in Europe.
3. Eleventh District Cost of Funds (COFI) – This index tracks average rates charged by lenders in the western United States. This is an example slow moving index.
4. National Average Contract Mortgage Interest Rate (NACR) – This is another slow moving index that tracks average mortgage rates for owner occupied homeowners in the United States.
The best way to choose an index for your Adjustable Rate Mortgage is to carefully comparison shop from a variety of loan products while evaluating your financial needs for the loan. You can learn more strategies for mortgage refinancing while avoiding costly mistakes by registering for a free mortgage tutorial.
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