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Category | Mortgage Basics

Mortgage Pre-Approval: Why A Pre-Approved Mortgage Makes Sense

Mortgage pre-approval for real estate financing will put you in a much stronger position when you’re hunting for the home you want to live in. By having this important pile of paperwork out of the way you can be confident that sellers and realtors will take you seriously. They’ll see it as a signal that […]

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Fixed Rate Mortgage Basics

Locking In Your Future Payments When it comes to fixed mortgage basics, the greatest benefit for homebuyers is peace of mind. You get a little bit more of that when you do not have to worry about your payments escalating when interest rates rise. As long as interest rates remain low fixed rate mortgage financing […]

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FHA Basics: Government Insured Home Loans

How The FHA Built A Nation Of Homeowners If it were not for the Federal Housing Administration (FHA) insured home loan, the United States would be a very different country in which to live. The FHA has been insuring home loans since 1934. Millions of homes have been bought by people who could only do […]

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Adjustable Rate Basics: Fixed Or ARM?

Is The Adjustable Rate Mortgage Just A Fair Weather Financial Friend? Given the option, homeowners have always tended to prefer fixed interest rates on their home loans, as opposed to adjustable rates. When you’re paying monthly it’s nice to be able to count on the rate always staying the same. It gives you a sense […]

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Avoiding Foreclosure With an FHFA Loan Modification

Avoiding foreclosure is not easy, but an FHFA loan modification can help (FHFA is the Federal Housing Finance Agency.) When you are struggling to meet your mortgage repayments it can take a great deal of work to avoid foreclosure and that dreaded eviction day. A recently federal announcement in March regarding a new loan modification […]

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Reverse Mortgages: Some Potential Reverse Mortgage Problems

Reverse mortgages are forms of equity release. In the USA, they are available to homeowners aged 62 or over who are living in the property concerned as their principal residence.  They can borrow money using the equity on their home as collateral. There is generally no fixed period on the loan, which is repaid when […]

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Mortgage Modification: What Changes Can Be Made?

A mortgage modification is otherwise known as a loan modification. Fundamentally, what is involved is that your lender agrees to a change in the terms of your mortgage. The changes made are intended to make it easier for you to meet your repayment obligations and so avoid foreclosure. In many cases, modifying your mortgage repayment […]

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Cash Out Refinance: Refinancing a Mortgage for Cash

Getting a cash out refinance is the process of refinancing a mortgage for cash. It is based upon the equity in your home, and you can either take it as a single cash sum or as a line of credit. If you have owned your home for a number of years, and a combination of inflation […]

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Extra Mortgage Payments: Making Extra Payments to a Mortgage

Making extra mortgage payments might seem worthwhile when you can afford them, but is it really the best way to use your money? What benefit does making extra payments to a mortgage offer to you? Here are some of the pros and cons of making extra payments over and above the regular monthly mortgage payments […]

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Mortgage Prequalification and Mortgage Pre-Approval

The terms mortgage prequalification and mortgage preapproval seem to confuse some people. It is very important that you understand all the terms used when you are looking for a mortgage. If you are unsure what a particular term means, then ask. Prequalification for a mortgage does not mean that you have been approved for it. […]

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