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.