Fixed-Rate Mortgage Basics

Fixed-Rate Mortgage (FRM) Fixed-rate mortgages are popular because they're relatively simple and low-risk.  The most common types are 15- and 30-year FRMs, although other terms are available. Advantages Stable monthly payments Rising interest rates have no effect on the cost of borrowing The opportunity to make extra payments on the principal can significantly reduce the … Continue reading Fixed-Rate Mortgage Basics

How to Save on Your Initial Home Investment and Monthly Payments

There are only two major investments to consider when buying a home.  They are the initial investment, which includes the down payment and closing costs, and the monthly payment, which includes principal, interest, taxes and insurance.  Here are some things to consider. Initial Investment Choose a low or zero down payment loan.  You don't necessarily … Continue reading How to Save on Your Initial Home Investment and Monthly Payments