Shopping for a house is only slightly less stressful than shopping for a loan to pay for said house. Even if you don’t realize it right now, you’re in a world full of choices, from local credit unions to big mortgage brokers. You can find a mortgage lender almost anywhere, you just have to start asking!
Read MoreA 3/6 ARM is a type of hybrid adjustable rate mortgage in which the initial, fixed rate portion of the loan lasts 3 years, after which the adjustable-rate part of the mortgage begins.
Read MoreA variable-rate mortgage is a loan with a variable (changing) interest rate. It’s also known as an adjustable-rate mortgage (ARM) or a tracker mortgage. The interest rate varies according to an underlying index like LIBOR, treasury bills, or the federal funds rates.
Read MoreYes. These programs assist with providing funds for down payment, closing costs, prepaids, principal reductions, and/or repairs. How much you get depends on whether you qualify, the area median income, and home prices.
Read MoreAn amortized loan is a debt that’s paid off over time in equal installments. Each payment pays off the interest and the principal.
In the beginning, the installments prioritize paying off the interest and a portion of the principal. Over time, the interest will become a small part of the installment, as the principal will have become a larger component.
Read MoreA variable interest rate is one that can go up or down based on an index. A variable interest comprises an index rate and a margin rate.
Read MoreThere are several ways you can access your home equity such as selling your home, doing a cash out refinance, taking out a home equity loan, or opening a home equity line of credit. Turn the equity in your home into a source of cash to use as you see fit.
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