Decoding a Mortgage Advertisement

You will need to understand how to decode advertisements for loans when you read them. Remember, a fixed rate loan is interest plus points. For adjustable rate mortgages you will need to know the initial rate, true rate, adjustments intervals, caps and points.

Many advertisements leave out important information such as the number of points for that specific loan or the down payments percentage amount needed to qualify for that loan. So be sure to ask these questions of any potential lenders if they are not included in the advertisement.