Protect Yourself From Unexpected Mortgage Loan Adjustments
Kachi Realty
Protect Yourself From Unexpected Mortgage Loan Adjustments
Protect Yourself From Unexpected Mortgage Loan Adjustments
If you’re facing an upcoming rate change on your adjustable rate mortgage, you may be a bit worried. The Federal Reserve’s recent credit tightening in the last period has meant that interest rates, especially short-term rates, have risen dramatically. This may mean that your new monthly payments will be much higher than you may have expected or budgeted for. So what can you do if you find yourself in this situation, and what can you do to prevent yourself from losing your home if you do?
Time To Consider A New Loan Option
Given the unstable financial climate, and to protect yourself in general from huge fluctuations in your mortgage payments, choosing a fixed rate loan may be the best option for you. This means that your monthly payments are fixed at a certain amount for the period you negotiate and, if your budget can’t handle the wild swings in the market, this may be a better choice. While historically fixed rates are higher than a mortgage with a fluctuating rate, given the instability of the current markets and the overall low rates, this may be the time to make the switch.
Combining The Benefits Of A Fixed And Adjustable Rate
Another option that should also be considered, especially if you plan on staying in your home for less than 10 years, is to refinance into a “hybrid” ARM loan. This type of loan offers you a fixed rate for the initial period of your loan. This gives you protection from rising rates as long as you need it, and still gives you the flexibility to take advantage of an adjustable rate when things pick up.
Whatever you decide, getting the advice of a financial advisor will help you protect your greatest investment. No matter what your current or long-term outlook, there are always options to refinance your home that can ease your financial stress and keep you in your home at the same time. Knowing what the markets are doing and seeking the advice of professionals will help you do just that.
Useful Information from Kachi Realty LLC
Cut your energy costs with easy home tips. Learn how smart lighting, efficient appliances, and simple thermostat tricks can help you save energy and money year-round.
WAYS TO GO GREEN IN THE KITCHEN Start a garden. Whether you opt for a full-out vegetable garden or a small window of fresh herbs, the taste of freshness will be unmistakable! Shop locally! Visit local farmers markets or choose locally produced produce whenever possible. Bring your own bags when you visit the grocery store. Switch to energy-efficient light bulbs. Save time and energy by cooking a double portion and setting half aside in the freezer for a quick meal at a later date. Get energized and leave the appliances alone. Whenever possible, mix and beat ingredients by hand, cook multiple items at the same time, and avoid washing dishes unnecessarily. Use energy-efficient appliances such as the slow cooker or toaster oven, which can use up to 30% less energy. Be aware of energy wasters such as excessive pre-heating or simmering. Ditch the wraps (such as saran wrap or foil) and make the switch to reusable containers for lunches and leftovers. Put a lid on it! Did you know that cooking with lids could save up to three times the energy? Keep all that steam inside the pot for a more energy-efficient (and faster!) meal. Go fresh—say goodbye to excessively packaged foods, which are often produced using processes that are harmful to the environment. Cooking meals from scratch using fresh ingredients is not only healthier, it’s often less expensive and better for the environment. Decide what you are looking for before you open the fridge, and never keep the door open longer than absolutely necessary.
Water Features For Your Yard A water feature can make a major change in your yard, and there are plenty of different ways to go about adding one. From a simple and small fountain to a koi pond or waterfall, you can use water to create a peaceful sense of a real escape from life in your yard. Small Water Features For small yards or for those looking to add something simple, a basic fountain is easy to add. They come in a variety of types, shapes, and sizes and can fit into any landscaping. Your fountain can be a centerpiece for the yard or can be placed near the patio. You can even get a small tabletop fountain for the patio table. Most fountains are easy enough to install by yourself. They use a pump system that circulates the water and keeps the fountain running. Follow all of the instructions for set-up, use, and care that come with the fountain and you can enjoy the sound of trickling water for many years to come. Adding A Pond A pond is a really eye-catching and special addition to any yard. You will need some space for it, but even smaller yards can manage one. Koi ponds are a very popular choice, as the fish are lovely and create an ambience in the yard. They fit in well with any sort of Japanese or other Asian landscape design, but really extend into other styles as well. Make sure your pond has a system for keeping the water circulating and clean; standing water can become a breeding ground for mosquitoes, and it can get quite dirty over time. It’s best to have a professional install the water system for your pond. Waterfalls You may not be able to have Niagara Falls in your yard to enjoy, but you can get a waterfall added as a feature of your yard. These can be falls that descend over a rock wall, a small stream that runs over consecutive drops in a sloped yard, or something in a corner where water falls down into a small pond. A waterfall adds the sound of moving water to the air all the time. Be sure you have proper drainage for the water system. Water features are a beautiful addition to any yard, and your imagination is really the only limit. Many professionals can help you to design the water feature that is right for your yard and your needs.