Loan types, rates, credit and the costs that shape your monthly payment.
A fixed-rate mortgage keeps the same rate for the life of the loan, while an adjustable-rate mortgage (ARM) starts with a fixed period and then adjusts. The…
Mortgage points are upfront fees paid to lower your interest rate. A buydown can be permanent or temporary. Whether it pays off depends on how long you keep…
Minimum scores vary by loan type, often around 580 to 620 for FHA and conventional loans, with better rates for higher scores. Lenders also look at income…
Debt-to-income ratio (DTI) compares your monthly debt payments to your gross monthly income. Lenders use it to decide how much you can safely borrow.
A rate lock holds your quoted interest rate for a set period while your loan is processed, protecting you from rate increases. It may also prevent you from…
Refinancing replaces your current mortgage with a new one. It may make sense if you can lower your rate, shorten your term, remove mortgage insurance, or…
Seller concessions are contributions toward a buyer’s closing costs, agreed in the contract. Lender credits reduce closing costs in exchange for a higher…
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