One of the biggest decisions a homebuyer makes when purchasing a home is whether to get an adjustable rate mortgage (ARM) or a fixed-rate mortgage. Of course, the big difference between the two types of home loans is the interest rate; unlike a ...
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What Is a Fixed Rate Mortgage?
A fixed-rate mortgage is a home loan that uses the property being purchased as collateral. However, unlike an ARM where the interest rate is subject to change on a periodic basis, the interest rate on this type of mortgage remains the same over the ...
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What is an ARM Loan?
An adjustable rate mortgage, otherwise known as an ARM mortgage, is a home loan that uses the property being purchased as collateral. Unlike a fixed-rate mortgage where the interest rate never changes, an adjustable rate mortgage has a fixed rate for ...
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What are Mortgage Points?
Mortgage points -- commonly referred to as simply "points" -- are the fee that a borrower pays to the lender for a lower interest rate; one point equals 1% of the loan amount. Points are also tax deductible.
Homebuyers can typically reduce their ...
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How Do Mortgage Fees Work?
The mechanics behind how mortgage fees work are really quite simple. Mortgage fees are service charges that the lender imposes on a borrower to process the loan. When you apply for a loan, the lender is required to give you a document known as a Good ...
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What Is a Mortgage?
In the simplest terms, a mortgage is a home loan that uses the property being purchased as collateral. If the homebuyer ever fails to make payments, the lender can foreclose on the secured real estate in order to recover the mortgage debt.
All ...
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Why You Should Consider a 203k Mortgage When Buying a Fixer-Upper
Purchasing a home that requires repairs and renovations can seem impractical. Generally, lenders don't allow homeowners to purchase the property until after repairs are completed; however, an FHA 203k loan allows property owners to roll home ...
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5 Pointers to Help You Pick the Right Home Loan
Home loans are the only way that most people around the world today can afford to buy homes. This is especially true for real estate in expensive locales from San Francisco to New York -- and even homes in a city like Mumbai.
With the high prices ...
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The Benefits of Taking a Reverse Mortgage Now vs. Later
There isn't a right or wrong time to get a reverse mortgage but, depending on your personal retirement goals, the earlier you choose to get a reverse mortgage, the greater the potential gain may be down the road.
Reverse mortgages allow homeowners ...
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The Single Parent’s Guide To Buying the Right Home
Single parents can have a rough time getting a home loan, but moving out of a smaller dwelling into a larger one can be vital to keep the family happy and give everyone the space they need.
All around the web there are stories of parents, ...
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How to Be Smart When Selling Your Mortgage Note
So you've decided to sell your mortgage note. If you have never sold a mortgage note before, it can be difficult to know where to start.
A mortgage note is a document that is signed at the closing of a mortgage that obligates the homebuyer to ...
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Is It Better to Be Prequalified or Preapproved for a Mortgage?
Readers: This is article 23 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
The difference between being prequalified or preapproved for a home loan can be a critical factor in determining whether or not you'll get the home of ...
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