Question 1

What is a fixed-rate mortgage?

Accepted Answer

A fixed-rate mortgage has an interest rate that remains constant throughout the entire loan term (typically 15 or 30 years). Your monthly principal and interest payment stays the same, making budgeting predictable. This protects you from rising interest rates but won't benefit if rates drop unless you refinance.

Question 2

What is a down payment on a mortgage?

Accepted Answer

A down payment is the upfront cash you pay toward the home's purchase price. It's typically expressed as a percentage (e.g., 20%, 10%, 3%). A larger down payment reduces your loan amount, may eliminate mortgage insurance, lowers monthly payments, and can secure better interest rates. Minimum down payments vary by loan type.

Question 3

What is a reverse mortgage?

Accepted Answer

A reverse mortgage allows homeowners aged 62 or older to convert home equity into cash without selling. Instead of making monthly payments to the lender, the lender pays you. The loan is repaid when you sell the home, move out permanently, or pass away. You must maintain the property and pay property taxes and insurance.

Question 4

Do banks charge for ATM withdrawals?

Accepted Answer

In-network ATM withdrawals are usually free. Out-of-network ATMs may charge $2-$5 per transaction, plus your bank may add its own fee. International ATM withdrawals often include foreign transaction fees.

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What is a fixed-rate mortgage?

What is a down payment on a mortgage?

What is a reverse mortgage?

Do banks charge for ATM withdrawals?

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