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mississauga houses for sale

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Reis, Inc. to Announce Second Quarter 2012 Results on Thursday, August 2, 2012
Real Estate News – July 30, 2012 – 11:00am
NEW YORK — Reis, Inc. (“Reis” or the “Company”), a leading provider of commercial real estate market information and analytical tools, announced that it will release its second quarter …

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mississauga houses for sale

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Types of Mortgages

Fixed Rate Mortgages

Payments remain the same for the life of the loan, which can be 15, 20, or 30 years, depending on your lender. Usually, the shorter the term, the lower the interest rate and the quicker equity is built in the property. During the beginning years of a 30-Year loan, more interest is paid than principal, meaning larger tax deductions. As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses. With most fixed rate mortgages, your monthly principal and interest payment will not change for the term of the loan, regardless of whether interest rates rise or fall. In exchange for that stability, you may have a higher interest rate than you would with an adjustable rate loan.

Adjustable Rate Mortgages

With Adjustable Rate Mortgages, your payments will vary over time. Adjustable Rate Mortgages typically have an initial fixed rate lower than the rate of a comparable fixed rate mortgage. The initial fixed rate period is followed by adjustment intervals. For example, a “3/1 ARM” is fixed at an initial low rate for the first 3 years, and then adjusts every year based on an index. The Adjustable Rate Mortgage is a choice for buyer who will have a substantial increase in salary over the adjustment period and therefore, can absorb the additional payment if the payments increase during the adjustment. The Adjustable Rate Mortgage allows the borrower to qualify for a larger loan amount. Many Adjustable Rate Mortgages also give the buyer the benefit of adjusting downward. The adjustment rate is determined by several indexes, so please consult with your lender to determine if the Adjustable Rate Mortgage is right for you.

Balloon Mortgage

Offers very low rates for an initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is due or refinanced (though not automatically)

Two-Step Mortgage

Interest rate adjusts only once and remains the same for the life of the loan.

Reverse Mortgages

The reverse mortgage is aptly named because the payment stream is reversed. Instead of the borrower making monthly payments to a lender, as with a regular mortgage, a lender makes payments to the borrower. This special mortgage is used to convert equity in a home into cash to provide seniors financial security in their retirement years. There are age restrictions with the Reverse Mortgage.

mississauga houses for sale