Table of contents
Chapter 1: Should you buy or rent?
Chapter 2: How mortgages work
Chapter 3: Your mortgage payment
Chapter 4: Paperwork and fees
Chapter 5: Underwriting
Chapter 6: Closing
Chapter 7: Ownership
Lenders offer several types of mortgages, but the most common are fixed-rate mortgages. These loans feature fixed rates and monthly payments, generally for 15-year and 30-year periods.
They're popular because:
1. Consumers balk at the thought of their house payment rising and falling with interest rates.
2. Whenever rates are low, fixed-rate mortgages are very affordable.
Fixed-rate borrowers face one major choice: 15-year or 30? For some, a 30-year loan makes more sense. For others, a 15-year one does. Here are some pros and cons of each.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.
About $2.5 billion of Citi's $7 billion settlement will go to consumers
... Read more