With home prices and interest rates remaining high, more home buyers are looking for ways to lower their monthly mortgage payments. That’s where adjustable-rate mortgages (ARMs) come in. A 5/1 ARM and a 5/6 ARM both start with a fixed interest rate for the first five years, followed by periodic adjustments. But what happens after…
When considering a fixed-rate loan, nearly 90% of buyers choose a 30-year mortgage vs. a 15-year mortgage. But why? It often comes down to affordability. When you choose a mortgage, you’re not just picking a loan term; you’re shaping your monthly budget and long-term wealth for years to come. A 30-year loan tends to have…
Trying to decide if it makes more sense to rent or buy a home? You’re not alone. More than one-third of American households rent their homes, and it’s likely many have also grappled with the decision of renting vs. buying. Often, the right move comes down to one key question: Which makes the most sense…
Buying an investment property is a different ballgame than purchasing a primary home. It comes with potentially higher stakes, stricter rules, and different loan options depending on your strategy. Maybe you’re planning to rent it out long term. Maybe you’re eyeing a flip. Or maybe you’re planning to list it as a short-term rental. Whatever…
Buying a home, especially if it’s your first home, involves asking a lot of questions. One of the biggest question marks — how are you going to pay for it? The number of choices for loans to buy a home can be overwhelming, but it’s important to understand all your options and borrow with confidence….
Mortgage rates matter, but they’re just one part of the picture. The right mortgage lender does more than quote low rates. They move fast, communicate clearly, and help make one of life’s greatest purchases less stressful. Whether you’re a first-time home buyer or seasoned homeowner, understanding how to choose a good mortgage lender is key….
Whether you should get prequalified or preapproved for a mortgage depends on where you are in your home buying journey. A prequalification is great when you’re just starting out and want to get a jump on planning. A preapproval, on the other hand, is a much stronger way of knowing where you stand and what…
You’ve been picturing it — your own place, your rules, maybe even a dog in the backyard. But when talk about the down payment starts, that dream of homeownership might feel a few steps farther away. You’ll typically need at least a little money down to buy a home, but it doesn’t always need to…
When your credit score isn’t where you want it to be, it can make big purchases seem out-of-reach — especially buying a home. After all, a poor credit score can make it more difficult to prove to lenders that you’ll be a responsible borrower and secure your mortgage approval. But don’t let your credit score…
The math that goes into a monthly mortgage payment might seem complex — but knowing how it works gives you serious financial power. In fact, learning how to calculate a mortgage payment is a big step toward getting mortgage-ready. It helps you estimate how much home you can afford so you can make an informed…
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