(NewsUSA) - Homebuying can be a stressful or uncertain business at times. In today's market, there's much debate about what type of mortgage to get - an adjustable-rate or a fixed mortgage - and how do you know when it's time to consider refinancing an adjustable-rate mortgage?
Market Street Mortgage, one of the nation's leading retail originators of residential mortgage loans, offers these tips:
If you are buying a home now, consider whether you'll be able to handle the possibility of rate increases before choosing an adjustable-rate mortgage. Don't let the decision be simply "What is the cheaper payment to get me into the house" because it may not be the best choice for the future. Depending on your situation, you could also consider a five-year ARM if you know you'll move before it starts adjusting, or if your projected income will also increase. On the other hand, for stability, select a fixed-rate mortgage to provide a steady principal and interest part of your mortgage payment.
Take the time to compare the two options side by side. Ask yourself how much you are really saving each month by choosing the adjustable-rate mortgage over the fixed. Is it worth the risk of how the rate will adjust in the near future? Or is it worth the cost of refinancing later?
And what if you already have an adjustable-rate mortgage?
Review your documents and determine what the initial fixed period is. For example, a 5/1 ARM is fixed for the first five years and then adjusts every year after that. So, if you plan on remaining in your home once the loan starts to adjust, you should determine whether you'll be able to afford the new monthly payment that will go into effect. Get in touch with your mortgage consultant before you reach the adjustment time, so you can start tracking rates and reviewing your options.
Talk with a mortgage consultant so they can provide you with an analysis and the right tools to assist in making your decision. To find a quali-fied mortgage consultant, visit marketstreetmortgage.com.
Wednesday, September 12, 2007
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Tips for Choosing the Right Kind of Mortgage |
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Safety Tips for College Students |
Safety Tips for College Students
(NewsUSA) - College students and their parents continue to recall the tragedy that occurred at Virginia Tech last April, leaving many wondering how students can stay safe while attending college. Students can take many steps to protect themselves and reduce their risk of being victimized.
The National Crime Prevention Council, in partnership with the U.S. Department of Justice, offers the following tips for students:
* Personal safety -; After dark, students should walk with friends or find out if their school offers an escort service. The phone numbers for 911 and campus security should be programmed as cell phone speed dials, and students should always carry their phones with them.
* Theft -; Backpacks full of valuables should never be left behind -; always keep possession of them, even during a quick study break. Students should always lock their dorm room and carry their room keys at all times. Keep valuables out of sight in vehicles and dorm rooms. If a wallet is stolen, students should cancel all credit cards and place a fraud alert with the three credit bureaus to prevent identity theft.
* Alcohol consumption and drug abuse -; Alcohol and drug abuse can raise the risk for injury, intimate partner violence and victimization. Taking prescription medication in ways not prescribed, constitutes abuse, and can be as harmful as using illicit drugs. Rent movies, order take-out or play pick-up sports to have fun without alcohol.
* Dating violence -; Recognize the behaviors that indicate abuse. Abusive individuals may hit or insult their partners, isolate partners from family and friends and pressure their partners to engage in unprotected sex. Those who believe themselves to be a victim of dating violence should seek support from a college counselor or victim service agency to get out of an abusive relationship.
All colleges must report crime statistics to the U.S. Department of Education, which can be accessed at www.ope.ed.gov/security/main.asp. For more information, visit www.ncpc.org.
