Latest Information On Home Mortgages And Expert Advice On Home Equity Loans
Latest information on home mortgages
Buying your first home is a huge milestone and often a scary one. Be sure youre getting the best value for your money by learning about the different types of home mortgages available today and seeing available rates from competing mortgage lenders.
There are three sides to a mortgage: the amount of money you borrow, the interest rate youll pay on the loan, and the length of the mortgage.
The amount you borrow depends on the cost of the home and the size of your down payment. If you purchase a $300,000 home and make a down payment of $60,000, youll need a $240,000 loan.
The interest rate is one of the great variables when looking at mortgages and other home loans. There are two basic types of mortgages: fixed-rate and adjustable-rate mortgages (ARMs). Fixed-rate mortgages have just that a fixed rate of interest that never changes in the life of the loan, so your monthly payment will always be the same. An ARM has interest rates that tend to change according to the general credit market. This can work to your advantage when rates...
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