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Archive: Mortgages
Lenders want you to make a mortgage down payment because you’re less likely to default on your mortgage when you’ve put so much money toward the home already. In essence, your down payment is extra security for the lender that they’ll be paid for the mortgage. The down payment benefits you, too. Benefits of a [...]
Refinancing your mortgage lets you out of your current mortgage and lets you get a new one. You might refinance your mortgage to get a lower interest rate, to lower the term of your mortgage, to cash out some of the equity you’ve gained, or to trade your adjustable rate mortgage in for one with [...]
Mortgage closing – also called mortgage settlement – is one of the last processes in the homebuying process. At closing you can expect to sign a lot of papers, get the keys from the previous homeowners, and pay several mortgage fees. You should come to mortgage closing with a check for your down payment and [...]
Mortgage interest rate affects the monthly mortgage payment. The higher your interest rate, the more your monthly mortgage payment will be. Since mortgage lenders expect your income to be about three times higher than your monthly mortgage payment, a higher interest rate could affect the amount of the mortgage you qualify for and ultimately the [...]
In the past few years, mortgage qualifications have gotten stricter. Knowing what you need to do to qualify for a mortgage will help you get your finances ready before you step in the lender’s office. Have a steady employment history. Lenders look for you to have about two years of employment history at the same [...]
There are two basic types of mortgages. Fixed rate mortgages have a locked-in interest rate that doesn’t change over the life of the loan. Adjustable rate mortgages, on the other hand, have an interest rate that can fluctuate over the term of the loan. One of the features of an adjustable rate mortgage that make [...]
Fixed rates mortgages are just one of the types of mortgages you can borrow to purchase a home. A fixed rate mortgage has a fixed interest rate that doesn’t change during the life of the loan. Even if new mortgage rates rise or fall, the rate you’ve locked in on a fixed rate mortgage will [...]
A mortgage is a type of loan that’s used to purchase a home or other piece of real estate. Because mortgages are so complex, it’s important that you understand them before you start the home buying process. You can read the basics on this page, or go to one of the article pages we’ve created [...]