Adjustable Rate Mortgages: The Pros & Cons
The pros of an ARM include lower initial payments and higher buying power. The main con is the risk of
The pros of an ARM include lower initial payments and higher buying power. The main con is the risk of
Closing costs typically range from 2% to 5% of the loan amount. They cover things like appraisal fees, title insurance,
Lenders require ‘sourced and seasoned’ funds for your down payment. You’ll need to provide bank statements showing where the money
Your FICO score is calculated based on five factors: payment history (35%), amounts owed (30%), length of credit history (15%),
Lenders use your middle score from the three major credit bureaus (Equifax, Experian, and TransUnion) to set your mortgage rate.
Commonly required documents include the last two years of W-2s and tax returns, recent pay stubs, two months of bank