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| Is a Second Home in Your Future? Consider These Mortgage Rates from Wells Fargo |
zlaxwin – If you’re in the market for a second home but aren’t sure whether now is the right time, you’re not alone. While purchasing or refinancing a home can be stressful, it can also be beneficial as an investment if done properly. One thing to consider when purchasing your second home or vacation spot is the interest rate on your mortgage and how long you plan to live there. In this post, we’ll discuss the mortgage rates available from Wells Fargo and how they can affect your decision about buying a second home.
30-Year Fixed-Rate Loans
From the First National Bank of Omaha to Wells Fargo, there are lots of reputable lenders that offer fixed-rate mortgages for first homes and second homes. But if you’re looking for one rate that would work for both – and an expert to help you find the right lender – consider considering Wells Fargo mortgage rates second home.
With more than 130 years’ experience as one of the nation’s largest banks, we have a number of resources to help you make the best decision. Not only do we have excellent rates and 30-year fixed-rates loans but we also have qualified experts ready to guide you through each step along your journey. When comparing loans and rates, please keep in mind that these numbers may be misleading if they don’t include closing costs or points.
If you’re looking to finance a new home, we can help with that, too. Not only do we offer fixed-rate mortgages – which is just one option available in our lineup of mortgage options – but we also have flexible down payment and closing cost options to match your unique needs. Visit us for more information about our 30-year fixed-rate loans, including current rates and other program details. With so many choices, it’s important to understand how each could impact your financial goals and work toward achieving them through responsible lending practices like those at Wells Fargo mortgage rates second home.
If you’re not looking to finance a new home but instead, want to refinance your first or second mortgage, our team is here for you. Whether your credit has been damaged by hard economic times or you’ve had credit issues, it can seem nearly impossible to secure financing. With fixed-rate mortgages from Wells Fargo, there are several options available that could help even if your credit is less than stellar.
Let us lend you money and put us to work for your financing needs today. We have more than 130 years of experience that we’re eager to use on behalf of our clients, including yours when it comes time for mortgages wells fargo mortgage rates second home at 30-year fixed-rates loans!
5/1 Adjustable-Rate Mortgages
A 5/1 adjustable-rate mortgage (ARM) is one of the most common mortgage products available to borrowers. Unlike a fixed-rate mortgage, which has an interest rate that remains the same throughout the life of the loan, the interest rate on an ARM is adjusted periodically.
The initial interest rate on this type of loan can be as low as 1% and can go up or down by 1% every year over five years. This may seem like too much fluctuation at first glance, but it’s important to remember that you’re only locked into your initial interest rate for five years.
The monthly payment on an ARM also tends to be lower than that on a fixed-rate mortgage because you are not paying any extra amount each month to cover possible increases in future rates.
Because your interest rate is adjustable, you’ll have to re-evaluate it every year to determine if refinancing might be a good option. 5/1 ARMs typically begin with lower than average interest rates, so if rates rise significantly between one year and the next, it may not make sense for you to refinance. You should also avoid refinancing an ARM during its first or last year because your new rate will only be locked in for three or two months, respectively. Instead, try to plan your refinance as close to its third year as possible so that you can benefit from as many years of consistent rates as possible.
Jumbo Loans
If you’re considering taking out a jumbo loan, find out more about the rates and terms available at wells fargo mortgage rates second home. From fixed rate mortgages to adjustable-rate mortgages, they’ll help you make the best decision for your needs. Call today to speak with an expert and get pre-qualified.
A jumbo loan is any mortgage that exceeds your lender’s conforming loan limits. Because these loans are riskier for lenders, you’ll generally have to pay higher interest rates with a jumbo loan compared to other types of mortgages, including regular conforming loans.
However, it might still be worth considering if you’re looking for an extra $100k or more in funding or have reason to believe your property’s value will rise faster than average. Jumbo loans may not make sense for those who need a lower monthly payment since they typically carry higher interest rates and fees. If you’re interested in refinancing an existing jumbo loan, let wells fargo mortgage rates second home help you compare new mortgage rates and get pre-approved.
We’ve already talked about pre-qualifying for a mortgage. Pre-qualifying basically means that you’re getting an idea of how much money you can borrow and what your mortgage rate will be before starting to shop for lenders. Pre-qualifying is also one way to see if you might be interested in refinancing, which is taking out another loan to get better rates or payment terms on your existing mortgage.
If so, wells fargo mortgage rates second home may be able to help you figure out whether it makes sense for you. As long as it meets certain requirements—such as being current on payments and having enough equity in your property—you could potentially save thousands on interest by refinancing your jumbo loan into a conforming loan with wells fargo mortgage rates second home.
Since loans that exceed conforming loan limits are riskier for lenders, you’ll likely have to pay more for your jumbo mortgage. It’s important to know your options so you can shop around and get competitive rates on your jumbo loan. wells fargo mortgage rates second home offers competitive fixed and adjustable rate mortgages at various funding levels, including both standard and hybrid ARMs.
Once you’ve met with an expert at wells fargo mortgage rates second home, they can help you compare jumbo mortgage rates so you can see which one might make sense for your needs.
