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Category | Mortgage Basics

Newlywed Mortgage Basics

Purchasing a new home together can be a wonderful way to start a new journey of togetherness for newlyweds. This new home will be an abode in which to share beautiful memories and happiness. Buying a new home involves a huge investment; you need to be quite cautious at every step of buying a new […]

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FHA Mortgage Versus Conventional: Which is Best?

If conventional loans are like square pegs for square holes, FHA loans have government backing that square’s the circle and helps put the round peg in that same square hole. There is a cost to this, so logically you don’t want to pay any more than you have to. FHA and similar government backed home […]

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Balloon Mortgages And When They Make Sense

It sounds a little strange doesn’t it that companies would come up with the name “balloon” to describe a mortgage. However, it makes more sense when you understand what a balloon mortgage is. It allows you to borrow a larger amount, paying only on a percentage of what is borrowed, and then making one “balloon” […]

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Home Loan Financing Basics: How Much Home Can I Afford?

How much home can I afford? That has got to be the question in every potential homebuyer’s mind. Regardless of your savings, credit history or monthly budget, when it comes to home loan financing, it can be tricky to guess at home much home you can afford. Home Loan Financing Gets You Into The Market The […]

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Fixed Rate Vs Adjustable Rate Mortgages

There are many ways that you could structure a home loan payment but there are some that are more popular and well known than others. Overall, they fall into one of two main categories defined by the terms of the interest payment: Fixed interest rates throughout the term of the loan and adjustable rate mortgages (ARMs). […]

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Why Pay Points on a Mortgage?

When you are shopping for a mortgage you will hear the term points and learn that they are an expense that you have to pay up-front, at closing to kick off your home loan. So the question is: Why pay on a mortgage? This is an up-front fee that is common practice but it can be […]

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How Mortgage Backed Securities Affect Mortgage Rates

This article is intended to help the reader understand the cryptic sounding term mortgage backed securities or MBSs and how they affect mortgage rates. To begin with let us look into what mortgage backed securities are all about. Mortgage Backed Securities Mortgage backed securities are simply bundles of mortgages with similar terms, such as interest […]

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Mortgage Lock Basics

So what do you prefer, something certain, a rate on a home loan that is fix, while you hunt for a home? Or would you prefer to take the chance and wait until you have found the right home to live in before you worry about the interest that you will pay on your homeland? […]

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The Simplest Possible Explanation Of Prepayment Penalty Basics

Why on earth would you be willing to pay for the privilege of paying off your home loan? That is essentially what you will be agreeing to, if your finance company attempts to include a prepayment penalty in the terms of your loan. The simple advice is don’t walk away, run! Good For Lenders Bad For […]

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Credit Report Basics (As They Relate To Mortgages)

The Credit Data Big Three Credit card basics form one of the key features of modern life. When you think about it, it’s pretty amazing that a person can borrow enough to buy a house, based entirely on electronic records. However, the most important thing to know about credit report basics is that lenders will want to understand […]

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