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Elevated home prices and rising interest rates have sparked renewed interest in home loans that can lower monthly mortgage payments, like adjustable-rate mortgages (ARMs). If you’re shopping for a home, take the time to understand this mortgage option. This article explores the key differences between 5/1 and 5/6 ARM loans, crucial when considering adjustable-rate mortgage […]
Rising home values in 2022 and into 2023 have contributed to overall market volatility and made it more challenging to be a buyer. However, this real estate market has proven to be a boon to many homeowners who are content to stay put. That’s because higher home values mean they have more equity than ever. […]
An adjustable-rate mortgage (ARM) — sometimes referred to as a “variable rate mortgage” —offers the opportunity to save money through a low introductory interest rate. But it also has the possibility of a higher monthly mortgage payment once that introductory rate ends. If you’re the right kind of home buyer and you understand how to […]
Buying a home in a high-interest-rate environment requires careful planning and strategic decision-making. Despite these challenges, there are effective strategies to navigate this market and achieve your homeownership goals. Whether you’re considering adjustable-rate mortgages, shorter-term fixed-rate loans, or exploring other financial options, understanding how to manage in this environment can make all the difference. Anyone […]
For some prospective homebuyers, rising interest rates might make it feel like the dream of homeownership is slipping away. The good news is that even in a high-rate environment, you have multiple strategies to help you lower your interest rate or the total cost of your loan. One such strategy is the mortgage buydown. Mortgage […]
Saving up tens of thousands of dollars for a down payment can be a daunting challenge, especially if you’re a first-time homebuyer. That’s why a significant monetary gift from a generous family member can be a game changer when you’re working out the finances of buying a home. However, when using gifts for a down […]
You’ve come a long way on your homebuying journey. Now, you’ve finally found a home that’s just right, have signed a purchase contract, and are waiting for the sale to close. But how do you know that the home you’re buying is in good condition? This can cause some stress even if you’re pretty handy, […]
If the home-buying process is a marathon, then closing is the marathon’s final mile — but with hurdles between you and the finish. The good news? The finish line is indeed within sight. And armed with a bit of knowledge, you’ll easily leap those final hurdles on the way to being a homeowner. How long […]
Ever wonder what it would be like to own your house free and clear? No mortgage loan. No monthly house payments to a lender. To use the money that’s earmarked for the monthly mortgage payments and put it toward college tuition for the kids, retirement savings or even that European vacation you’ve been dreaming about? […]
Welcome to a bright future with your new home in sight! You’re eager to get those keys in your hands, but first, let’s talk about closing costs. It’s essential to understand how they work to avoid any surprises at the closing table. Many homebuyers underestimate these expenses, but we’re here to clarify everything for you […]
