Remove Fixed-rate mortgage Remove Pre-approval Remove Title search
article thumbnail

Understanding Mortgage Terms for Home Buyers

Realty Biz

Fixed-Rate Mortgage : A mortgage in which the interest rate remains the same for the entire term of the loan. Adjustable-Rate Mortgage (ARM) : A mortgage in which the interest rate can change periodically based on changes in a corresponding financial index.

article thumbnail

Buy Your First Home in Massachusetts: 15 Questions Answered

Realty Biz

This includes checking your credit score, saving for a down payment, and getting pre-approved for a mortgage. Answer: What you can afford depends on your income, credit rating, current monthly expenses, down payment, and interest rate. What Is a Mortgage Pre-Approval? What Can I Afford?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to Choose a Mortgage Lender: 10 Steps For Success

Redfin

Understand loan options: Learn about different mortgages like conventional, jumbo, and government-backed loans (FHA, VA, USDA). Compare terms and interest rates to find the best fit for you. Choosing the right mortgage lender is a vital step in the home-buying process. Did you know?

article thumbnail

Should You Refinance Your Mortgage in 2024? How to Know if it’s Worth It

Redfin

In 2020, interest rates took a sharp dive as the Federal Reserve sought to stave off economic collapse amid the pandemic. The resulting low rates sparked a surge in real estate transactions, with numerous homebuyers securing 30-year fixed-rate mortgages below 3%.

article thumbnail

131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

Chain of title is an historical record of previous owners of a property that’s essential in establishing the legal ownership of the property. An established chain of title helps protect the buyer from future challenges to ownership. A title search helps create that chain and is usually conducted by a lawyer or title company.