The mortgage market is much more diverse than some borrowers think.
Besides the standard fixed-rate and adjustable-rate mortgages, there are other types of mortgages and ways to finance a home.
Pro: Opportunity to buy larger, more expensive home.
Con: Pay a higher interest rate in exchange for the lender's higher risk.
Pro: Opportunity for damaged-credit borrowers to buy homes and to establish better credit.
Con: If your credit does not improve, you could be stuck in a high-rate loan for much longer than two or three years.
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