Shopping for a house is only slightly less stressful than shopping for a loan to pay for said house. Even if you don’t realize it right now, you’re in a world full of choices, from local credit unions to big mortgage brokers. You can find a mortgage lender almost anywhere, you just have to start asking!Read More
A 3/6 ARM is a type of hybrid adjustable rate mortgage in which the initial, fixed rate portion of the loan lasts 3 years, after which the adjustable-rate part of the mortgage begins.Read More
A variable-rate mortgage is a loan with a variable (changing) interest rate. It’s also known as an adjustable-rate mortgage (ARM) or a tracker mortgage. The interest rate varies according to an underlying index like LIBOR, treasury bills, or the federal funds rates.Read More
An amortized loan is a debt that’s paid off over time in equal installments. Each payment pays off the interest and the principal.
In the beginning, the installments prioritize paying off the interest and a portion of the principal. Over time, the interest will become a small part of the installment, as the principal will have become a larger component.Read More
A variable interest rate is one that can go up or down based on an index. A variable interest comprises an index rate and a margin rate.Read More
There are several ways you can access your home equity such as selling your home, doing a cash out refinance, taking out a home equity loan, or opening a home equity line of credit. Turn the equity in your home into a source of cash to use as you see fit.Read More