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 […]
Contingent vs. Pending: What’s the Difference?
While strolling through your neighborhood (or scrolling through online listings), you might see signs on homes that read “pending” or “contingent.” When a home you’ve been eyeing finds itself in either status, you may wonder if it’s now too late to buy. The two concepts can stir up a lot of confusion: What exactly do […]
Financial Literacy Resource Roundup
Achieving financial literacy is an important goal for anyone who wants to take control of their finances and put themselves on a path to long-term financial wellness. And, it’s especially so for homebuyers in today’s market. “As rates have risen and inventory continues to be low, it’s important to consider your long-term financial goals and […]
What is Mortgage Insurance and How Does it 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 […]
How to Avoid PMI (Private Mortgage Insurance)
If you’re shopping for a mortgage, you may have already identified a few things you have to budget for, such as a down payment and closing costs. But if you opt for a conventional mortgage – mortgage loans not backed by a government entity – you might also need to budget for a less well-known […]
How Long Does it Take to Close on a House?
Few things compare to the fluttery feeling in your stomach the day you close on your home. After all, home loans often require homebuyers to have down payments and closing costs in hand — and those can be some hefty chunks of change! You might be wondering how long it takes to reach various milestones […]
What is a Jumbo Mortgage? Everything You Need to Know
You’ve found your dream home: perhaps it’s in that ideal neighborhood, has a spacious kitchen, a spa-like bathroom, and a sprawling yard with flawless landscaping. But that perfect match may also come with a hefty price tag. When it comes time to shop for your mortgage, a lender might tell you that you need a […]
What is PMI? How Private Mortgage Insurance Works
Coming up with a down payment for a home can make even the most avid saver quake in their boots — it’s a big chunk of change. And if you plunk down less than a 20% down payment, you’ll make extra payments in the form of private mortgage insurance (PMI). So, what is PMI, how much […]