A buydown mortgage allows for a lower interest rate in exchange for paying a fee, either upfront or rolled into the loan. This is very much like paying “points,” except that it is usually the seller or builder who pays the fee as an incentive to make the sale. Of course, they are not doing [...]
Loans with pre-payment penalties are generally to be avoided if possible. A pre-payment penalty is an agreement to pay a calculated sum in the event you choose to pay off the loan before the end of a certain period, say 2 years. You will typically sign a pre-payment penalty rider to the mortgage note, which [...]
An interest-only mortgage, as its name implies, allows interest-only payments. Many types of loans might come with this option, but only for a limited time. The advantage of paying interest only is a lower payment. While you will not increase your loan balance by paying interest-only, you will also reduce your balance. Moreover, after the [...]
It is generally true of adjustable-rate mortgages (ARMs) that they offer significantly lower interest rates at first. With an ARM, the borrower is trading the stability and security of a lifetime fixed payment for the affordable of a lower interest rate and payment. It is important to understand the risks associated with an ARM, chief [...]
Unless you’re paying cash for your Indianapolis home, you’re probably going to need a mortgage. While traditionally amortized mortgages can be had in terms a short as 10 years, it is the 15 and 30-year variety that we will address in this article. The 30-year fixed-rate mortgage Back in the old days, the 30-year fixed [...]
The numbers don’t lie. The 2012 Zionsville real estate market took several steps in the right direction versus the previous year. A total of 531 homes were sold in 2012 compared to just 418 one year prior. On average, 44 closings were finalized each month, or 25.7 percent more, compared to just 35 per month [...]
The 2012 Westfield real estate market was among the most improved in all of Central Indiana, as evidenced by huge increases in several key stats. A total of 603 Westfield homes were sold in 2012, up 51.5 percent over the 2011 total of just 399. This translates to an average of 50 closings per month [...]
There is the idea of something and then there is the reality. And rarely does the latter live up to the former. This is all the more true when shopping on a limited budget. If you’re like most first-time home buyers, you probably have a pretty good idea of what your ideal home will look [...]
There was an unmistakable overall improvement in the Plainfield real estate market in 2012 compared to 2011. This took the form of improvements in several key stats, including total closed sales, pending sales and listings. Naturally, total sales is always a good indicator of market performance. At year’s end, 2012, a total of 392 sales [...]
Like most towns and cities in the Central Indiana area, the city of Noblesville made great strides in 2012 compared to 2011, at least insofar as three major stats were concerned: closed sales, pending sales and listings. Starting with closed sales, a total of 1,188 closings took place in 2012 versus a total of 939 [...]
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