What Is the Community Reinvestment Act (CRA)?
[ad_1] What Is the Community Reinvestment Act (CRA)? The Community Reinvestment Act (CRA) is a federal law enacted in 1977 to encourage depository institutions to meet the credit needs of…
80-10-10 Mortgage
[ad_1] What Is an 80-10-10 Mortgage? An 80-10-10 mortgage is a loan where first and second mortgages are obtained simultaneously. The first mortgage lien is taken with an 80% loan-to-value (LTV) ratio, meaning…
Cash-Out Refinance: How It Works and When to Do It
[ad_1] What Is a Cash-Out Refinance? A cash-out refinance is a mortgage refinancing option that lets you convert home equity into cash. With a cash-out refinance, you take out…
Balloon Loan: Definition, Functionality, and Benefits & Risks
[ad_1] What Is a Balloon Loan? A balloon loan is a type of loan that does not fully amortize over its term. Since it is not fully amortized, a…
2/28 Adjustable-Rate Mortgage (2/28 ARM)
[ad_1] Homebuyers face may choices in types of mortgages, from longer-term fixed rate loans to shorter-term adjustable-rate loans. A 2/28 adjustable-rate mortgage is one type of adjustable rate mortgage that…
3/27 Adjustable-Rate Mortgage (ARM)
[ad_1] A 3/27 adjustable-rate mortgage (ARM) is a 30-year loan that carries a fixed interest rate for the first three years, then a variable rate for the remaining 27 years.…