What is a jumbo mortgage? A jumbo mortgage is a loan exceeding the loan limit set forth by Fannie Mae and Freddie Mac. Jumbo loan interest rates and down payments are typically higher than those on conforming loans. Read Full Article Share FacebookTwitterLinkedIn
Should I choose a fixed-rate or adjustable-rate mortgage? There are certain factors to consider when deciding between the two. First, think about how long you plan to live in your home. An adjustable-rate mortgage makes more sense if you only plan to live in your home for a… Read Full Article Share FacebookTwitterLinkedIn
What is a fixed-rate mortgage? A fixed-rate mortgage (FRM) is a mortgage with an interest rate that is constant for the life of the loan. Typically you’ll see fixed-rate periods of 10, 15 or 30 years with interest rates increasing with longer loan periods. Read Full Article Share FacebookTwitterLinkedIn
What are the benefits of an adjustable-rate mortgage? With an adjustable-rate mortgage, you will often have a lower initial rate than a fixed-rate mortgage. Also, if the rates fall, you don’t have to go through the refinancing process, which means you don’t have to pay closing costs and… Read Full Article Share FacebookTwitterLinkedIn
How are adjustments determined on an adjustable-rate mortgage? Adjustments are determined by the performance of certain financial indexes, and the rate may fluctuate up or down. Once the adjustment periods begin, the rate will typically be adjusted every year. Read Full Article Share FacebookTwitterLinkedIn
Is the rate fixed for any length of time on an adjustable-rate mortgage? Typically an adjustable-rate mortgage will remain fixed for a number of years before adjustments begin. The time period could range from 1 month to 5 years, depending on the terms. Read Full Article Share FacebookTwitterLinkedIn