After you purchase your first home, and the excitement wears off, you may begin thinking about how long it’s going to take you to pay off that large sum of money you just borrowed. This is where mortgage amortization enters the picture. Amortization is the process of gradually repaying your loan through regular, equal payments over time. As part of your loan process, you’ll receive what’s known as an amortization schedule. It’s a document that shows how much you’ll pay each month over the...

First-time homebuyers facing elevated home prices and frustratingly high mortgage rates may feel like their dreams of owning a home are slipping away. Higher mortgage rates equal higher monthly payments. And with rates hovering near 7% for 30-year, fixed-rate loans, many aspiring buyers are searching for savings. That’s leading many to discover mortgage rate buydowns. Just like the name implies, a mortgage rate buydown involves “buying down” a mortgage rate. It can be temporary, lowering a...