(This is Part 2 of a seven-part series. See Part 1: Mortgage shopping: what you should know before you begin; Part 3: Three options available on most mortgages; Part 4: How long should you take to pay off your mortgage? Part 5: Investment returns influence real estate down payment; Part 6: Understanding choices in mortgage insurance and Part 7: Navigating real estate loan locks, docs.) This is the second article of a series on the decisions mortgage borrowers should make prior to entering the market. This article is about the single most important decision of people's lives: the type of mortgage. Adjustable-rate mortgages (ARMs) have lower payments in the early years than fixed-rate mortgages (FRMs) but expose borrowers to the risk of higher payments in later years. Among different ty...
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