Most mortgages fall under a maximum size called the conforming loan limit. When a home purchase requires borrowing more than that limit, you’ll need a jumbo loan — a type of financing with its own rules and requirements. What Makes a Loan “Jumbo” A jumbo loan is any mortgage that exceeds the conforming loan limit … Read more
The loan term you choose affects your monthly payment, total interest cost, and how quickly you build equity. The two most common options are 15-year and 30-year fixed-rate mortgages, and each serves a different financial strategy. 30-Year Mortgages: Lower Payments, More Flexibility Spreading your loan over 30 years results in a lower monthly payment, which … Read more
An adjustable-rate mortgage, or ARM, starts with a fixed interest rate for an initial period, then adjusts periodically based on market conditions. Understanding how ARMs work can help you decide whether the tradeoff makes sense for your situation. How ARMs Are Structured ARMs are labeled with two numbers, like 5/1 or 7/6. The first number … Read more
Mortgage rates can feel like they move on their own schedule, but they’re shaped by a mix of broad economic forces and details specific to you as a borrower. Understanding both halves of the equation helps you know what you can and can’t control. Macro Factors Outside Your Control Lenders price mortgages based on the … Read more
