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Mortgage Basics
You're shopping for a mortgage. You have options which consider the amount of your down payment, how much you can afford monthly, and the type of loan you are attracted to.
There are two basic types of mortgages:
Generally, lenders require 10% down for purchases, or 10% equity for refinances. To avoid mortgage insurance or PMI, the requirements are 20%. Also, you can expect to pay closing costs, generally three to four percent of the loan amount. For refinance loans, these closing costs can be financed into the loan amount so that you don't have to contribute cash if necessary.
Mortgage Calculators
More information on Types of Mortgage Loans
More information on Fixed Rate Mortgages
More information on Adjustable Rate Mortgages
There are two basic types of mortgages:
- Fixed interest rate with fixed monthly payments. More Info On
Fixed Rate Mortgages - Adjustable (ARM) with variable rates and changing monthly payments.
More info on Adjustable Rate Mortgages
Generally, lenders require 10% down for purchases, or 10% equity for refinances. To avoid mortgage insurance or PMI, the requirements are 20%. Also, you can expect to pay closing costs, generally three to four percent of the loan amount. For refinance loans, these closing costs can be financed into the loan amount so that you don't have to contribute cash if necessary.
Mortgage Calculators
More information on Types of Mortgage Loans
More information on Fixed Rate Mortgages
More information on Adjustable Rate Mortgages
