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Adjustable Rate vs Fixed Rate Mortgage Basics
Adjustable Rate Mortgage Basics: ARM or Fixed Rate? With an adjustable rate mortgage (ARM) you pay a fixed rate of interest on your mortgage for a specified period, after which the rate adjusts until...
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Mortgage Prepayment Penalty Basics: Early Settlement Costs
Fundamentally, a mortgage prepayment penalty is applied by lenders to recover some of the profit they would have made were the loan to have run its full term. Interest rates and other aspects of loans,...
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Fixed Mortgage Basics: Fundamentals of Fixed Interest Rates
A fixed mortgage is one whose interest rate remains the same over the full term of the mortgage loan. This contrasts with an adjustable rate mortgage, where the interest rate can fluctuate with market...
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FICO Credit Score Basics
FICO credit scores are use by lenders to assess how likely you are to be able to repay a loan. If you intend applying for a mortgage, knowing how FICO credit scores work could be of advantage to you....
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The Mortgage Application Process: First Steps in Buying a Home
The mortgage application process is the first step required if you need a loan to purchase residential real estate. The correct name for this is the Uniform Residential Loan Application, and takes the...
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Buy Vs Rent Basics: Should You Buy or Rent A Home
The question of whether to rent or buy is no longer a clear cut economic one. Many people who can afford to buy their home are choosing to rent instead because they no longer have confidence in home...
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Private Mortgage Insurance Basics: The Fundamentals of PMI
Private mortgage insurance (PMI) is a form of protection for mortgage lenders in the event of borrowers defaulting on their payments. If a borrow takes a mortgage that is more than 80% of the purchase...
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Mortgage Lock Basics: Should You Lock-In Your Mortgage Rate?
A mortgage lock can work for you or against you depending upon the terms of the mortgage rate lock in period and upon the current behavior of the economy as seen in the equities and bond markets (stock...
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Why Pay Points on a Mortgage: Are Points a Benefit or Not?
Why pay points on a mortgage, and how do they benefit you? Points are a typically American arrangement, and refer to payments made in order to receive a lower interest rate. They have certain...
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Debt to Income Ratio Basics: The Importance of Your DTI
Fundamentally, your debt to income ratio (DTI) is the percentage of your income that is used to pay your debts, and is often abbreviated to the ‘debt ratio.’ Your ‘income‘ is your total gross income...
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