No-money-down home purchases used to be the kind of thing you only saw on late night TV.
More Quotes from Keith Gumbinger:
The optimal thing to do is to lock in your interest rate.Keith Gumbinger
There's no way for consumers to borrow more cheaply. But that might change if the Fed raises rates a couple more times.
Keith Gumbinger
People are a little more realistic about their time frame, especially young folks,
Keith Gumbinger
Someone who will be out of their home within five years to seven years can save some money with an ARM. But you have to be aware of the reality that interest rates are likely to be somewhat to significantly higher in three years, five years, 10 years down the road from today.
Keith Gumbinger
Listing the person with the higher credit score as the primary borrower, ... may knock as much as two percentage points off the interest rate.
Keith Gumbinger
The risk with an ARM is that when interest rates rise, you could end up paying much more than you bargained for. You're subject to the vagaries of the market, ... You want to maximize the fixed-rate picture to match your time frame.
Keith Gumbinger
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