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Pros and cons of an adjustable-rate mortgage (ARM)
Key takeaways An adjustable-rate mortgage (ARM) is a mortgage with an initial fixed interest rate that resets at periodic intervals.…
VA loan benefits and disadvantages
Key takeaways VA loans offer many benefits such as no down payment/mortgage insurance, easier qualifications and lower interest rates. However,…
What is the Home Ownership and Equity Protection Act (HOEPA)?
Our writers and editors used an in-house natural language generation platform to assist with portions of this article, allowing them…
Right of rescission: Canceling a HELOC, home equity loan or refinance
jessica.kirsh/Shutterstock Key takeaways The right of rescission allows homeowners to back out of certain refinance, home equity loan and HELOC…
Wraparound mortgage: What it is and how it can help buyers and sellers
Key takeaways A wraparound mortgage is a unique form of seller financing in which the seller keeps their mortgage and…
How do you pay back a reverse mortgage?
Key takeaways Reverse mortgages allow seniors to borrow against their home equity. If the borrower dies, a reverse mortgage falls…
What to do when your mortgage forbearance period ends
Key takeaways Mortgage forbearance allows you to pause your mortgage payments, usually for up to six months, when you are…
Bank statement loan: What is it and who should get one?
Key takeaways A bank statement loan allows you to qualify for a mortgage using bank statements rather than tax returns.…
What is the Community Reinvestment Act?
Key takeaways The Community Reinvestment Act (CRA) is a federal and state law that encourages banks and lenders to meet…
What is a first mortgage?
kate_sept2004/Getty Images Key takeaways A first mortgage is the primary or original loan on a home, typically used to buy…
