Current Mortgage Rates
Saturday, November 07, 2009
Most people have more than one debt. You may have high interest credit cards, loans and mortgages. To pay off one debt you may need to borrow from someone else, creating yet another debt. The solution to this problem is debt consolidation. To relieve the debt burden, many homeowners consolidate all their debts onto a second mortgage.
Advantages of second mortgages: Lower rates,Flexibility, Tax Deductibility. There are circumstances when a second mortgage to consolidate debt is a good idea and circumstances where it is a bad idea. The first thing you need to find out is if you can qualify for a refinance of your first mortgage. If you do, then you need to find out how much of your debt can be consolidated into your first mortgage before you worry about a second mortgage.
The only debts you want to consolidate with a second mortgage are judgments, collections, and very high interest credit cards. If you can eliminate some of these by consolidating them into a second mortgage, then you should. You will always have a higher rate on a second mortgage than on a first because there is more risk for the lender with a second mortgage.
Advantages of second mortgages: Lower rates,Flexibility, Tax Deductibility. There are circumstances when a second mortgage to consolidate debt is a good idea and circumstances where it is a bad idea. The first thing you need to find out is if you can qualify for a refinance of your first mortgage. If you do, then you need to find out how much of your debt can be consolidated into your first mortgage before you worry about a second mortgage.
The only debts you want to consolidate with a second mortgage are judgments, collections, and very high interest credit cards. If you can eliminate some of these by consolidating them into a second mortgage, then you should. You will always have a higher rate on a second mortgage than on a first because there is more risk for the lender with a second mortgage.
Raising Cash: Is a Second Mortgage Cheaper than a Cash-Out Refinance?
Benefits of Consolidating your First and Second Mortgages?
Do You Know Your Lender's Policy on Subordination?
How to arrange for a second mortgage for Home Improvements?
What is Second Mortgage?
Benefits of Consolidating your First and Second Mortgages?
Do You Know Your Lender's Policy on Subordination?
How to arrange for a second mortgage for Home Improvements?
What is Second Mortgage?
Is a Second Mortgage Different From a Home Equity Loan?
Second Mortgage versus Refinancing
Are Two Mortgages Less Costly Than One?
Second Mortgage versus Refinancing
Are Two Mortgages Less Costly Than One?
Get Current Mortgage Rates
From Top Lenders
Mortgage Resources
- Adjustable Rate Mortgages
- Bad Credit Mortgages
- Bankruptcy
- Better Money Management
- Buying a House
- Credit Card Debt
- Debt Consolidation
- Debt Negotiation
- Home Equity Loan
- Interest Rates
- Locking the Rates
- Managing the Mortgage
- Mortgage Application
- Mortgage Calculators
- Mortgage Insurances
- Mortgage Payments
- Mortgage Qualification
- Mortgage Taxes
- Refinancing
-
Second Mortgage
- What is Second Mortgage
- Is a Second Mortgage Different From a Home Equity Loan
- Second Mortgage versus Refinancing
- Are Two Mortgages Less Costly Than One
- Should I Consolidate Debts With a Second Mortgage
- Is a Second Mortgage Cheaper than a Cash-Out Refinance
- Benefits of Consolidating your First and Second Mortgages
- Do You Know Your Lender's Policy on Subordination
- Second mortgage for Home Improvements
- Selecting a Loan Provider
- Selecting the Mortgage Features
- Selecting the Mortgage Type
- Shopping for a Mortgage
- Tips and Advice
- Current Mortgage Rates by State
Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 4.88% |
| 30-yr. fixed jumbo | 5.62% |
| 15-yr. fixed | 4.38% |
| 15-yr. fixed jumbo | 5.25% |
| 7/1 ARM | 4.25% |
| 5/1 ARM | 4.12% |
| 3/1 ARM | 4.12% |
| 1-yr. ARM | 3.75% |
| 1-yr. LIBOR ARM | 4.38% |
| 10/1 ARM | 4.75% |
*Mortgage Rates Updated: 11/07/2009