The general rule for determining if you are a candidate for an adjustable rate mortgage is if you are going to move within five years, your income is going to dramatically increase and you want lower start up payments, or you are going to acquire a large sum of money to put on the balance of your mortgage. On an adjustable rate mortgage your payment will generally change every 12 months. The benefit of getting an adjustable is you will save thousands of dollars the first few years in interest compared to a higher fixed rate. On an adjustable rate mortgage if you prepay the principal mortgage your adjusted payment every year will be based on your current balance, which means that your payments will be less. On a fixed rate loan no matter how much money you put down on the principal you will never change the payment, only shorten the term.
Title insurance is a closing costs that is required by all lenders.
This insures that the bank is going to be in first position after closing and that there are no existing liens or judgments filed against the property. No, the lenders do not require a home inspection unless the appraiser states that there is a need for one. This is when you pay half your mortgage every other Thursday electronically through your checking or savings account and pay your mortgage off early. Generally on a thirty year mortgage you will reduce your loan by 8 years and 8 months. The Bi-weekly is available for 10 to 30 years.