Adjustable-rate mortgages (ARMs) have surged in popularity, reaching their highest numbers since the Great Recession.Recent volatility in the housing market has made ARMs an attractive option for borrowers seeking low initial interest rates.While better regulated than they once were, ARMs still carry risk: Borrowers could wind up paying more than they would on a fixed-rate … [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?