Redfin

JULY 30, 2025

What’s the difference between a fixed-rate mortgage and adjustable-rate mortgage? When choosing a mortgage, you’ll need to decide between a fixed-rate mortgage or an adjustable-rate mortgage (ARM). Remember, a pre-approval isn’t the same as officially getting a mortgage.

Pre-approval

Redfin

AUGUST 5, 2025

Talk to the financial institution holding your money and ask if they’d provide a letter stating you’re able to make a cash purchase up to the specified amount. Offer a high earnest money amount Offer a high earnest money deposit when making a cash offer. Attach this document with your offer letter.

Earnest money deposit

Redfin

JULY 16, 2024

Step 3: Understand your loan options Fixed-rate vs. adjustable-rate mortgages (ARMs): Fixed-rate mortgages have a constant interest rate and monthly payments that never change. ARMs have interest rates that may start lower than fixed-rate loans but can change over time.

Loans

HomeLight

MARCH 22, 2022

Not to rain on your parade, but North Carolina has something called the due diligence fee, separate from the down payment or earnest money deposit, that you need to have ready to nab that home. NC Home Advantage Mortgage. The state’s Housing Finance Agency supports many new homebuyers with its NC Home Advantage Mortgage.

Due diligence

HomeLight

JANUARY 27, 2021

With fixed-rate interest, your rate remains the same over the life of the loan, which means every mortgage payment you make will be the same amount for the entire loan term (in the beginning, these payments will cover mostly interest, but you’ll start paying down the principal after a few years). Adjustable-rate interest.

Closing costs

The Close

DECEMBER 29, 2022

It’s kind of like a fixed-rate mortgage and an adjustable-rate mortgage had a baby. A convertible ARM is a mortgage with a much lower interest rate at the start of the loan, where the interest rate fluctuates during the life of the loan, usually every six months. Earnest money deposit.

Purchase and sale agreement