Avoiding Expensive Mortgage Mistakes

AVOIDING EXPENSIVE SPOKANE MORTGAGE MISTAKES It is clear that most home buyers are more comfortable with the popular 30 year fixed-rate mortgage. However, most of these homeowners do not remain in this Spokane mortgage beyond the first 5 years. This results in thousands of dollars unnecessary additional interest costs because they were not aware of the additional lending options available. To consider an example: a 30 year fixed-rate mortgage from company X is 5.75%. Company X will also offer a fixed 5.5% rate on a fixed-rate hybrid plan (7 years fixed with annual adjustments thereafter). A 30 year fixed-rate mortgage for $300,000 would require an additional $5,230 during the fixed 7 year period, while increasing the principal balance by $1,250 at the end of the seve View the rest of this article