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Freedom First Credit Union Why Adjustable-Rate Mortgages are Making a Comeback

The housing market always goes through its ups and downs. During the pandemic, homeowners and homebuyers alike were able to benefit from record-low interest rates. Now, as inflation continues to soar and the Federal Reserve raises rates to offset the climb, the market is cooling down.

The combination of higher home prices and rising interest rates are forcing many would-be homebuyers out of the market. While conventional fixed-rate mortgages reign king during periods of low rates, other home loan options shine in uncertain markets. One of these loans is an adjustable-rate mortgage or ARM.

With the ability to lock in lower introductory rates, ARMs are making a comeback. Is an adjustable-rate mortgage the right solution for you?

Freedom First Credit Union How Much Cash Is Needed to Buy a Home?

Deciding to purchase a home is exciting and a bit nerve-racking. It’s a big decision that can impact your life and finances for years to come. But it also provides the opportunity to improve your home life and build equity in the property.

One of the most common questions prospective buyers ask is, how much cash is needed upfront? While a first mortgage will handle most of your financing needs, it’s these initial costs that keep homeownership at bay for so many.

The following guide outlines the upfront and ongoing costs prospective homeowners should prepare to cover as they progress through the homebuying process.

Freedom First Credit Union Understanding the Components of a Mortgage Payment

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can become confusing rather quickly.

One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.

Before you get your hopes up and realize that the house you’ve been eyeing is out of your price range, take a moment to familiarize yourself with the components of a mortgage payment.

Freedom First Credit Union Is it Wise to Pay Off Your Mortgage Early?

Homeownership offers a multitude of fiscal benefits. Aside from the obvious, a place to live, you can build equity in the property and eventually live rent-free. But owning a home is also a significant investment that can last for decades.

Today, most mortgages have terms that extend up to 30 years or more. While this makes the monthly payments affordable, decades of interest payments can add up to a substantial sum. 

Freedom First Credit Union 5 Things to Keep in Mind When Buying a Home

Buying a home can be exciting, and with the quick pace of the market today, it’s easy to get caught up in the moment. The competitive real estate market can lead people to make home offers before they’ve done their due diligence. The result can be buying a home that doesn’t really fit their needs or wants, or worse costs more than they planned on spending.

Freedom First Credit Union Tips for Buying a Home in a Seller's Market

Tips for Buying a Home in a Seller’s Market


Picture this — you're in the market for a new home, and you quickly find one that is perfect. It has all the features you’ve been dreaming about and seems to be in your price range. So, you put in an offer. 

Freedom First Credit Union Should I Buy a House Now?

Q: I’ve been saving up for a down payment with plans to buy a house and feel ready. But, with the real estate market hotter than ever right now, I’m wondering if I should go ahead with my purchase or push it off until the market settles down. Should I buy a house now?

A: The real estate market has been hit particularly hard by the coronavirus pandemic. Coupled with several factors, like falling interest rates, moratoriums on foreclosures or evictions and an increase in demand, prices have driven upward across the country. 

Freedom First Credit Union When Is the Best Time to Refinance a Mortgage?

If you’re a homeowner, you’ve probably thought about refinancing your mortgage at some point. After all, home loans are long-term, usually ranging from 10 to 30 years. A great deal can happen in that time, including interest rates dropping, your home value increases, the introduction of new loan types, among other market changes.

While refinancing your mortgage may seem to be extra work for you, lowering your interest rate by just 1 percent on a 30-year mortgage could save you thousands of dollars. Perhaps you’re in the position to pay off your loan quicker and want to reduce your term. There are many perks to refinancing we will discuss in this article.

Freedom First Credit Union Should I Refinance My Home Mortgage?

Q: Many of my friends have refinanced their mortgage recently, and they’re urging me to do the same thing. Money is always a bit tight, and the thought of an extra few hundred dollars a month is very tempting. Should I refinance?

A: Refinancing a mortgage is essentially paying off the remaining balance on an existing home loan and then taking out another mortgage, usually at a lower interest rate. It may sound like a no-brainer, but there are lots of factors to consider before deciding to refinance.

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