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An adjustable-rate mortgage (ARM) is a home loan that starts with a fixed interest rate for a set period—often 5, 7, or 10 years—then adjusts periodically based on market rates . For first-time homebuyers, an ARM can be a smart, cost-saving option in specific situations, but it can also introduce risks that make a traditional fixed-rate mortgage the safer choice for many. Whether an ARM makes sense comes down to how long you plan to stay in the home, how flexible your budget is, and how comfortable you are with future payment changes. What is an adjustable-rate mortgage (ARM)? An adjustable-rate mortgage (ARM) is a home loan with an interest rate that’s fixed for an initial period, then adjusts at regular intervals for the rest of the loan term. After the fixed period ends, your rate can go up or down based on a market benchmark—within limits set by the loan. For first-time buyers, the key thing to understand is what stays stable, what can change, and how much it’s allowed to c...

Figuring out how much house you can afford isn’t just about the maximum mortgage a lender approves. While preapproval sets an upper limit, true affordability depends on how that monthly payment fits into your overall finances and long-term plans. A home that looks affordable on paper can still stretch your budget if you don’t account for upfront costs, ongoing expenses, and future changes. That’s why it’s important to look beyond the loan amount and consider the full picture before setting your price range. Key factors that shape home affordability include: Your income and employment stability Your debt-to-income (DTI) ratio Your credit score and borrowing profile Loan type , term length, and interest rate Upfront cash requirements and ongoing housing costs Personal goals, lifestyle needs, and future plans Understanding how these pieces work together can help you choose a home price that feels sustainable—not just today, but years down the road. How lenders decide wh...

Stable housing is a foundation for almost everything else in life. However, rising costs and limited supply have made that goal feel out of reach. Housing assistance programs exist to bridge this gap, offering support ranging from long-term paths to homeownership to immediate emergency shelter. Redfin teamed up with Caroline Pinal, co-founder of real estate philanthropic network, Giveback Homes to help you understand how these programs can help you on your homeownership journey. Whether you’re seeking short-term rent help in an apartment in New York, NY or helping a loved one in Los Angeles, CA, these programs are designed to meet different needs. Homeownership assistance programs Homeownership is a major milestone, but saving for a down payment, covering closing costs, and qualifying for a mortgage can be significant hurdles. These programs aim to reduce these barriers. Down payment and closing cost assistance Many state and local housing agencies, nonprofits, and banks...