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10 Things You May Not Know About Mortgages

10 Things You May Not Know About Mortgages

I became a first-time homeowner three years ago, and in the process I learned a lot about mortgages, many of which I found interesting and surprising. Here are 10 things you may not know about mortgages.


1. You can buy a house with 0% down.
2. Adjustable rate mortgages (ARMs) come in many varieties.
3. Adjustable rate mortgages are generally limited in how much they can adjust each year.
4. Small changes in interest rates can make a big difference.
5. Mortgage brokers can be very useful for many people.
6. Not everyone needs a mortgage broker.
7. You might find even more attractive mortgage rates from your local credit union or online.
8. Some websites will crunch many interesting numbers for you.
9. Paying points on your mortgage may or may not be smart.
10. The world of mortgages isn't a static one. (portable mortgages)


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posted by Victor Lloyd Smith @ 5:49 PM