Mortgage & Financing

Loan types, rates, credit and the costs that shape your monthly payment.

Loan Types
Mortgage & Financing

Fixed-Rate vs. Adjustable-Rate Mortgages: Which Fits You?

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…

Costs
Mortgage & Financing

Mortgage Points and Rate Buydowns Explained

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…

Credit
Mortgage & Financing

What Credit Score Do You Need to Buy a Home?

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…

Qualifying
Mortgage & Financing

Debt-to-Income Ratio Explained: How Lenders Decide What You Can Borrow

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.

Rates
Mortgage & Financing

What Is a Mortgage Rate Lock and When Should You Lock?

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
Mortgage & Financing

When Does It Make Sense to Refinance Your Mortgage?

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…

Costs
Mortgage & Financing

Seller Concessions and Lender Credits: How They Lower Your Costs

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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