When most homeowners get a mortgage, they start paying both the interest and the principal immediately -- but they don’t always have to. One kind of home loan, called an interest-only mortgage, allows the buyer to put off paying any of the principal for a number of years while they save money and strengthen their financial position. But, just because you don’t have to pay principal doesn’t mean you can’t; many homebuyers just like to have an option that frees up more cash for their budget.
Read MoreCan you get a home equity loan with a bad credit score? You’re hoping so, now. When you bought your house, the pink bathroom was cute and retro, but after living with it for years, you’re about ready to spray paint the whole thing just to get a break. But with bad credit, what are your options when it comes to renovating?
Read MoreA hybrid ARM is a mortgage that combines elements of a traditional fixed-rate mortgage and an adjustable-rate mortgage. To do this, a hybrid ARM has two parts, or stages: during the first part of the loan, the interest rate is fixed, meaning it doesn’t change. During the second part, the rate will change based on a specific market index.
Read MoreDepending on your personal circumstances, there may be some downsides to a reverse mortgage. It's important to fully understand the terms of your reverse mortgage loan before closing, so here are the drawbacks of this type of home loan.
Read MoreLoan qualification depends on which loan you are applying for. There are a variety of loans offered in the market, including conventional loans, jumbo loans, USDA loans, VA loans and FHA loans. Each type of loan has its own advantages and disadvantages. Choosing the best loan for you will largely depend on your own circumstances and future plans.
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