Best Mortgage Moves In A Slowing Housing Market (NAPSA)—Given the recent sellers that you are a serious changes in the mortgage and hous- buyer. ing markets, many current and Existing Homeowners potential homeowners are asking If you are a homeowner with themselves the question of what to an adjustable-rate mortgage do next in regard to their home (ARM), hybrid ARM or interest- financing situation. Whether you only mortgage, now is a good time are looking to purchase your first to consider refinancing into a home or are already a homeowner fixed-rate loan. Even if the overall and want to maximize your invest- interest rate rises, there is a good ment, there are a number of home chance that a fixed-rate mortgage financing options to consider. payment will be lower than what GMAC Mortgage (http://www.gmac you may pay if your adjustable- mortgage.com) offers the following rate loan adjusts soon. tips to help you make your next Homeowners currently repay- mortgage move: ing variable-rate home equity First-Time Homebuyers lines of credit should also review The biggest concerns for first- their options. Refinancing to a time homebuyers right now are fixed-rate home equity loan could fluctuating interest rates as well be advantageous, but you should as home values. However, buying first check with your lender. a home with a fixed-rate loan now Buy-downs will ensure that future rises in Another option, whether you interest rates will not impact your are considering refinancing your monthly payment. In addition, current mortgage or exploring because of current market condi- your first mortgage, is to elect to tions, many first-time homebuyers buy down the interest rate. With a have a large inventory of homes “buy-down,” a borrower or seller from which to choose. Prices in pays part of the interest up front, many markets have stabilized or lowering the borrower’s monthly moved off their highs over the rate for a set period of time. past year as demand has softened, With the proper research and so your dollars could go much fur- the assistance of a qualified mort- ther than they have in the past. gage professional, securing the If you decide to move forward right mortgage product can put with the search for your first you in a more advantageous situa- home, consider getting pre- tion to help you meet your home- approved for a mortgage. Becom- ownership goals. ing preapproved will give you a For more information on mort- much better idea of your buying gage strategies, consumers can power as well as reassure home call (800) 888-GMAC.
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