COMPARING THE BEST MORTGAGE RATES
You can start by talking to your bank. For the best mortgage rates, however, you need to shop around. The financial section of your local newspaper should contain a listing of comparative mortgage rates in your area. The Web sites listed earlier in this chapter also give mortgage rate information. In addition, If refinancing your mortgage can free up enough money to help you, doing so is a much better deal than taking out a home equity loan (see the following section), because home equity loans carry interest rates that are a couple of points higher than the current mortgage interest rates.
Even if you think that you'll need a home equity loan, too, look into refnancing your mortgage before you consider a home equity loan. If interest rates are low, you may be surprised at how much you save, and you may decide against the loan. Plus, it's harder to refnance your mortgage once you have a second mortgage on the house.
If you've been in your home for a few years, you may have built up considerable equity. (Talk to the bank or lender that issued your mortgage to fnd out how much equity you currently have.) Using that equity can help get you out of debt, but some potential dangers are involved. Also, always remember that a home equity loan (formerly known as a second mortgage) is sort of like "unbuying" your house, and you have to buy it back again. Your equity is reduced by the amount you borrow at the moment of building your financial reserves.
As with all debt, the longer the mortgage period, the more you spend on finance charges. Think about how long you want the responsibility of mortgage payments. Coordinating the length of your mortgage with your lifetime goals is a major step in achieving financial freedom. If you decide to move or refinance your existing mortgage to gain a lower interest rate, don’t automatically refinance for 30 years or some other lengthy term. Keep your goals in mind. Your life together is about more than lower monthly mortgage payments.
A fixed-rate mortgage locks you in at a specific interest rate for the length of the mortgage. There is security here; you know that your interest rate won’t change. This certainly will help in your budgeting.
However, be aware that if your payments for property taxes and homeowners’ insurance are bundled into your mortgage payment, you may see an increase in the total package over time if those other elements increase.
As you consider fixed-rate mortgages, compare the difference in monthly payments between a 15-year mortgage and a 30-year mortgage. Many people assume, incorrectly, that the monthly payment on a 15-year mortgage is double that of a 30-year repayment. Because the interest is lower on a 15-year loan and the repayment period is so much shorter, the monthly payment may be surprisingly affordable.
Like a mortgage, a home equity loan offers one of the few interest payments still recognized by the IRS as a deduction on your federal tax return. Also, if you negotiate a good rate, the interest rates can be considerably lower than those on many other forms of debt, especially credit cards.
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