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In the field of home financing, "hybrid" mortgages have grown in popularity with homebuyers. With interest rates gradually rising in today's market, the hybrid mortgage product saves money, provides a period of fixed-rate security and helps buyers qualify for financing.
Hybrid mortgage loans offer a very low fixed-rate for a period of time, usually from 5 to 7 years, then revert to an adjustable rate mortgage (ARM) for the remainder of the term of the loan. The interest rate is typically lower than with a 30-year fixed-rate loan, and the borrower has the assurance that the rate will not change for a period of years. Such a loan works well for buyers who plan on reselling the home within a finite period.
Other specialty mortgages now available include an ARM loan with a provision allowing it to be converted to a fixed-rate loan when that is a practical step for the borrower. Still others offer an interest-only loan that requires payments to be made on the interest only for a specified number of years, then reverts to an amortized loan with interest and principal payments each month. Consult with an experienced mortgage professional to determine whether one of these loan products will meet your needs.
Who is "Freddie Mac", and why is he a big name in real estate?
A
"Freddie Mac" is the nickname for FHLMC, the Federal Home Loan Mortgage Corporation, which buys mortgages from lending agencies, thus allowing lenders to continually replenish funds for new mortgage loans.
The Breen Elia Team RE/MAX Exclusive Properties 2951 N. Lincoln Ave Chicago, IL 60657 Toll free: 866-404-3585 Karen's cellular phone: 773-230-4294 Louis's cellular phone: 773-230-4293 Direct Office: 773-327-2404 Fax: 773-938-1467 Email: TheBreenEliaTeam@NUMBER1EXPERT.com Email: kbreen@chicagocityhomes.com
The Breen Elia Team are real estate consultants, unlike most agents who are real estate salespeople. Our mission statement is "MAKING A POSITIVE DIFFERENCE IN PEOPLES LIVES." We hope that every client will profit personally and financially from our representation. Our commitment to you is enduring. We hope to be hearing from you soon.
You can find great local Chicago, IL real estate information on Localism.com Karen Breen Elia ChicagoCityHomes is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
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