1. A Balloon Mortgage Starts With Low Payments—Then Ends With One Big Lump Sum With a balloon loan, you typically get a low monthly payment for 5 to 7 years. But when that period ends, you owe the entire remaining loan balance all at once. That large final amount is called the “balloon payment” It’s due whether or not you’re ready Most […]
1. An Assumable Mortgage Allows You to Take Over the Seller’s Loan With an assumable mortgage, instead of applying for a new mortgage, you can take over the seller’s existing mortgage—including the interest rate and remaining balance. This means you’ll pick up where the seller left off, keeping their favorable loan terms. If the seller has a lower interest
One of the most important decisions you’ll make when financing a home is choosing between a fixed-rate mortgage and an adjustable-rate mortgage (ARM). And while one isn’t always “better” than the other, the right choice depends on your goals, timeline, and risk comfort — not just today’s rate. Let’s break down how each one works,
Buying your first home is exciting — but it can also feel overwhelming. There’s no shortage of advice out there, and unfortunately, not all of it is accurate or helpful. At Stairway Mortgage, we’ve helped hundreds of first-time buyers navigate the process with clarity and confidence. Here are the top mistakes we see — and
Everyone wants the lowest mortgage rate — and for good reason. Even a small difference in your rate can mean thousands of dollars saved over the life of your loan. But here’s what most people don’t know: It’s not just about the rate you’re quoted. It’s about the structure, the timing, and who’s negotiating for