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Understanding 7/6 ARM (Adjustable-Rate Mortgage)
For those interested in understanding what a 7/6 ARM is and whether it's the best option for their mortgage needs, this article explores the adjustable rate mortgage type. We'll start by examining the meaning behind each informally-named aspect of a 7/6 ARM - seven and six - to provide an overview of how these particular ARMs work, followed by outlining both their benefits and drawbacks.
Finally, when considering if this type of loan is better suited than a fixed-rate mortgage or another adjus
Getting Started
A Comprehensive Guide to Assuming Someone Else's Mortgage
In the wake of some unfortunate situations, such as a divorce or death, transferring a mortgage to someone else is common practice during a sale. Even with outstanding payments, selling the home is possible, so taking over a mortgage is also possible. Some lenders allow mortgage transfers, provided the seller has an assumable mortgage.
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What Is an Assumable Mortgage?
An assumable mortgage is a home loan a buyer can take over before a home's sale. This is a good
Buying a Home
What Are REO Properties? Pros, Cons, and More
You might see one home listed for much less than its neighbors. What's the deal with REO properties?