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How does refinancing save homeowners money

The first type, rate-and-term, replaces your existing loan with one that has better rate and/or terms. You might replace an ARM or balloon loan with a fixed-rate loan, for example.

Which FICO score is most important

We GENERALLY use what is called the "mid score." Most people have three FICO scores—one from each of the three credit repositories (Equifax, Experian, and TransUnion). We discard the high and the low using the one in the middle—the mid score.

Observing the rules of using gift money toward a down payment

A gift letter is not about how much your mom wants to help provide a home for her future grandchildren