Unless you have some huge stash of money set back somewhere just waiting for you to buy a home, when the time comes for you to live out your dream of homeownership, you will probably be taking note of the announced interest rates. While this is a place to begin, it is important to understand that even though you may think you know what the interest will be on your Mortgage Loan, this is never certain until the paperwork has been filled in. the reason for this is that there are fluctuations in the economy, news from markets, and about a dozen or so other factors that impact what the final rate will be.
Plaquemines LA is no different from other places in the country except that you will have access to Sun Mortgage Funding which is an advantage when you want to find a reputable Mortgage Lender, even if you are only looking into Mortgage Refinance.
A word of caution for those who would like to own a home of their own, it is not always a good idea to sign your name on the dotted line when there is evidence that you are getting a variable rate mortgage. These were one of the types of loans that got so many people in trouble before the housing bubble collapsed just a few short years ago. People with these loans quickly found out that they could no longer afford to pay the mortgage when the interest rate went up and dramatically increased monthly payments. As the prime rate increased, so did the interest on home loans, and that was disastrous.
Then again, a fixed rate mortgage may not be the answer either, particularly when the interest rates are already high. However, today’s rates are nearly at a record low, so that means if you can qualify for a loan, and your income will support it, now may be the time to secure a fixed rate Mortgage Refinance loan or a regular mortgage to buy your new home.
Something that all home buyers should be aware of is that most lenders prefer that you have mortgage insurance on your loan. This insurance is not to protect you, but rather to insure that if something covered by the policy happened to make it impossible for you to continue making payments, then the Mortgage Lender will still receive payment. It is not mandatory that you include this insurance as part of your payment, but if you do not you may not get the loan you need to purchase your home.