The world of mortgages can be a bit confusing with all the different terminology, jargon and rates. It gets even more interesting when the acronyms come into play – ARM, FRM, RAM, APR, just to name a few. One reader asked the difference between a 15-year and a 30-year fixed rate mortgage. [...]
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This reader question is especially timely given the turmoil in the mortgage markets the last three months:
Who are Ginnie Mae, Freddie Mac and Fannie Mae and what do they do?
Freddie Mac and Fannie Mae are the [...]
One reader wanted to know the “average” loan amount for a household with good credit and an income of $50,000. This is a great example as $50,000 is pretty close to the national median household income of $48,201 in 2006. If your household income is lower or higher than $50,000, just multiply all the [...]
