Interest-only loans allow borrowers to pay just the interest on a loan for a set period. But then monthly mortgage payments may increase substantially.
Homebuyers who make smaller down payments may need to pay private mortgage insurance, also known as PMI. Here's how to avoid it—or get rid of it.
Given the state of the market, homebuyers may need to take advantage of every opportunity to make their offers stand out. For some, that could include waiving contingencies or putting down an earnest money deposit.
An escalation clause is a tool homebuyers can use to win a bidding war—but it could backfire.
Homeowners with a mortgage receive an amortization schedule. It shows homeowners how much they will pay over the life of their loan and how long it will take to pay it off.
Two important terms every potential homebuyer should learn are mortgage interest rates and annual percentage rate (APR). Both terms directly relate to how much money you'll pay each year, but there are some key differences that can really add up.
With mortgage rates hitting their lowest level in over a year, more buyers are expected to come off the sidelines. The additional competition could lead to one of homebuyers’ fears: a resurgence in bidding wars.
Many first-time homebuyers focus their attention on attending open houses, saving for a down payment, and figuring out if they can afford their preferred home. However, there is one big thing that many forget to do: Check their credit scores.
Homebuyers facing elevated home prices and frustratingly high mortgage rates are looking for ways to make homeownership possible. That's leading many to discover mortgage rate buydowns.