Understanding mortgages: Look before you leap
Do you know what an FHA loan is? Why you should (or shouldn’t) pay for points when you take out a mortgage? What about the ins and outs of prequalification? What’s an ARM, and how does it work?
If you’re saying no, no, no and no, you’re not alone. According to the results of a recent survey from Zillow, the online real estate marketplace, nearly half of all prospective homebuyers don’t understand mortgage basics like these.