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Secrets Your Banker Won't Tell You Which Loan Is Best For You?
By Search EzineArticles.com
Recently I was driving in my Car and I heard an Ad for a Mortgage lender who claimed they would help you find the Best Loan out of over 400 Different Loan Types. 400 Different Loan Types now that has to be confusing. How do you find the Best loan for you. Clearly the Best loan for you is not the Not the best loan for your bank. Learn the Secrets your Banker doesn't want you to Know. Some Questions to ask when Choosing a Loan. - How Long will you keep the Loan?
- How Long will you keep the House?
- How much profit is the Bank Making on this Loan?
The Average Homeowner will get a New Loan every seven years. If you are going to move or refinance in the Next 7 Years is a 30 Year Fixed rate loan Really Best for You. A 30 Year Fixed rate loan is certainly Best for the banks. A Typical in Force 30 Year Fixed rate Loan in force today has an Interest Rate of between 5 and 6%. The Average cost of Funds for a Bank is about 1% (How much interest do they pay you own your checking account,Your Saving account). This means on a 30 Year Fixed rate Mortgage the bank Earns about 4% to 5%. If you keep your loan
Retire in Style: Rehoboth Beach's Top Ten Real Estate Deals
TopTenRealEstateDeals.com is a new independent website offering Top 10 lists of today's best deals on real estate for sale. Their newest market addition is Rehoboth Beach, Delaware. (PRWeb Jul 4, 2009)
Read the full story at http://www.prweb.com/releases/Real_Estate_Top10/Rehoboth_Beach_Condos/prweb2607584.htm ]]>
Spot On Networks Announces 'Finger Friendly' Sign On for Mobile Devices
Mobile device screens are inherently small making full size, unformatted login screens difficult to navigate. Spot On has created sign on screens that automatically format to the mobile device's screen creating easy and quick access to their WiFi networks. (PRWeb Jul 4, 2009)
Read the full story at http://www.prweb.com/releases/2009/07/prweb2605264.htm ]]>
less then 7 Years why get a 30 Year Fixed rate Loan. Some Lenders are offering loans with Payments Fixed for 5 Years based on a 1.95% Interest rate. If you look at a standard 200,000 Loan at 5% the Monthly Payment would be $1073 the same Loan at 1.95% would have a Monthly payment of $734. $339 a Month Less. $4068 a Year Less. If you were to invest this 4068 at the end of 5 years with a 5% Return you would have over $22,700. Using Equity Indexed Annuities that Pay a 10% Bonus for all payments made in the first 5 years a 5% Return is very reasonable. Equity Indexed Annuities have another advantage in that they accumulate tax free. So now which is the best loan for you?
About the Author
Mike Makler is a Financial Consultant in the St Louis Missouri Area Specializing in Loans and Annuities. To Learn More Call Mike at 314 398-5547 or Visit Mike's Web Page: http://ewguru.com/finance Get Mike's Newsletter Here http://ewguru.com/fin-news Copyright © 2005-2006 Mike Makler
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