Call it a 2000s comeback: We have bucket hats, Bennifer and … adjustable-rate mortgages? We’re currently seeing a huge surge in adjustable-rate mortgages (ARMs) – the highest since the Great Recession in 2007-2009, after which they all but disappeared. But why now? What’s changed? “Pre-crisis, a range of other variable-rate loan products were all being offered … [Read more...] about The ABCs of ARMs: How Adjustable-Rate Mortgages Work
When shopping for your mortgage, you may already know some of the one-time costs involved, such as down payment and closing costs. But there are also some recurring costs — like mortgage insurance — that you should get familiar with, too. So, what is mortgage insurance — and how do you know if you must pay it? In this article, we'll look at the definition of … [Read more...] about What is Mortgage Insurance and How Does it Work?
When you're getting ready to buy a house, your lender will want to see your credit score, a three-digit number that represents how well you pay back debt. Before you apply for a mortgage, keep in mind that your credit score represents one of the most important aspects of qualifying for a mortgage, but it's not the only qualification. So, what credit score is needed … [Read more...] about What Credit Score is Required to Buy a House?