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Interest-Only Mortgage Tutorial:

Considering an interest-only mortgage? You need this tutorial if you don't know:

The types of borrowers who can use IO profitably and the types that should avoid it.
The four most common deceptions that are used to sell IOs to unwary borrowers.
How to determine the risk to you of future interest rate increases on IO ARMs (adjustable rate mortgages), which make up the lion's share of all IOs being marketed today.

Libor Mortgage Loan Tutorial:

Considering a Libor loan? You need this tutorial if you don't know:

What Libor is, and how a Libor ARM differs from all other ARMs.
Who can benefit from a Libor ARM and who can't.
How to determine the risk to you of future interest rate increases on a Libor ARM.

Tutorial on Flexible Payment (Option) ARMs:

Considering an option ARM? You need this tutorial if you don't know:

What a flexible payment or option ARM is, how it differs from all other ARMs, and how you recognize it.
The advantages and the risks of an option ARM.
How you minimize the risks on an option ARM.
What you should concentrate on when you shop for one.

ARM Tables:

Considering an ARM? You need these tables to:

Determine whether or not your risk on an IO, Libor or any other ARM is manageable.
Compare the total cost of IO, Libor and other ARMs with that of a fixed-rate mortgage.

First time users should click on Additional Information About ARM Tables.

Mortgage Refinance Tutorial:

Wondering whether a refinance would save you money? You need this tutorial if you don't know:

What "saving money" on a refinance means exactly.
The one simple rule that will protect you against 90% of all refinance scams.
How the "break-even period" on a refinance is calculated, and what affects it.

Mortgage Refinance Break-Even Tables:

Planning to refinance to save money? You need these tables to:

Determine the "break-even period" on your particular deal.
Determine whether or not to pay refinance costs in cash or add them to the balance of the new loan.

Tutorial on How to Select Mortgage Features:

Planning to shop for a mortgage on-line? You need to answer the following questions first, so you know exactly what you are shopping for.

What type of mortgage should I select?
Which mortgage options should I select?
How long a term should I take?
How many points should I pay?
How large a down payment should I make?
If I put less than 20% down, what type of mortgage insurance should I select?
How long a lock period do I need, and when should I lock?
What documentation requirements should I seek?

Tutorial on Annual Percentage Rate (APR)

Puzzled by that strange number that looks like an interest rate but is called the "APR"? This tutorial will demystify it by answering the following questions:

What Is the APR?

What Is the purpose of the APR?

Can all borrowers rely safely on the APR?

Why should borrowers who expect to have their mortgage less than 7 years ignore the APR?

Why should the APR on a cash-out refinancing be ignored?

Why should the APR on a high-rate/negative point loan be ignored?

Why should the APR on a HELOC be ignored?

Why Is the APR on an ARM a useful measure for borrowers with long time horizons?

When is the APR locked?

Can I calculate the APR myself?