What is a home equity loan or a home equity line of credit? A home equity loan or home equity line of credit (HELOC) are mortgages that enable you to borrow against the value of your home, minus your remaining mortgage, by using your home as collateral. Read Full Article Share FacebookTwitterLinkedIn
What is a non-conforming loan? These loans do not meet the borrowing guidelines established by Fannie Mae and Freddie Mac. This type of loan may be available to borrowers who otherwise don’t qualify for a conventional loan. Read Full Article Share FacebookTwitterLinkedIn
Are the requirements different for a jumbo loan? Yes. The requirements for a jumbo loan are stricter because more money is involved, which means it’s riskier for the lender. You will need an excellent credit score and a low debt-to-income ratio. You will also need to be able… Read Full Article Share FacebookTwitterLinkedIn
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