7 Ways Jumbo Mortgage Rates are Attractive for Buyers
There are many reasons you might want to consider a jumbo mortgage, and among the reasons for doing that are the great rates. Don't underestimate the importance of your interest rate, because it can make a significant difference in how much you pay for your jumbo loan. Not everyone wants to get a jumbo loan, of course, but for people who are buying property that needs a mortgage higher than $417,000, a jumbo loan is one of the few options they have.
What Is an Adjustable-Rate Mortgage?
Adjustable-rate mortgages have their own set of pros and cons. Learn what they are before you sign on the dotted line. Unlike a fixed-rate mortgage where the interest rate remains the same for the life of the loan, an adjustable-rate mortgage (ARM) has an interest rate that can increase or decrease several times during the mortgage term. ARM’s are riskier for the borrower, especially if interest rates take a significant uptick, but they are the right in many instances. Learn more about adjustable-rate mortgages and compare them to conventional fixed-rate mortgages before you start shopping for your dream home so that you go into the process with everything you need to know.