Mortgages Interest Rates: How Rising Rates work on Your Mortgage Loan

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You've probably heard in the news that mortgage interest rates have been on the rise. The Federal preserve has been raising interest rates consistently for the past two years. If you are concerned how this will sway your mortgage, the impact it will have depends on the type of mortgage you have and how it is structured. Here are tips to help you make sense of mortgage interest rates.

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Mortgage lenders borrow money to fund their loans from Federal preserve banks. Mortgage lenders and banks receive discount interest rates on these loans; the interest rate lenders are charged is determined by the Federal preserve Board.

The Federal preserve meets every month to make procedure adjustments, change interest rates, and modernize their predictions for the economy. For the past 24 months the Federal preserve has raised short term interest rates at nearly every meeting. If you carry a valuable whole of consumer debt you would be smart to rate how these changes will impact your credit cards, personal loans, and your mortgage.

Fixed Interest Rate Mortgage Loans

If your mortgage carries a fixed interest rate then the Federal preserve changes will have no impact on your mortgage. Fixed interest rate mortgages offer the top degree of security from economic factors. The downside of a fixed interest rate mortgage is that they are more expensive; security comes at a excellent finance charge. If you currently have an Adjustable Rate Mortgage and are nearing the end of your initial period, you might want to think refinancing to a fixed interest rate mortgage.

Adjustable Rate Mortgage Loans

The main benefit of this type of mortgage is that while the initial duration the mortgage comes with an exceptionally low interest rate. It is leading to note that the initial rate is not your actual interest rate; as soon as the initial duration expires the lender will adjust the interest rate and payment whole to the current rate and add their markup. After the initial adjustment the lender will adjust the interest rate and payment whole at regular intervals. This is great if interest rates are declining; however, when rates are rising as they have been it can wreak havoc with your budget.

You can learn more about your mortgage options, along with common homeowner mistakes to avoid, by registering for a free mortgage guidebook: "Five Things You Need to Know About Your Mortgage."

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