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Category | Mortgage Basics

What is Amortization and How Does Mortgage Amortization Work?

What is amortization? How does it work? Many people have asked these questions and have been offered complex answers that have left them even more confused than before they asked. Here is as simple an explanation as you are likely to get, particularly with reference to mortgage amortization Mortgage Amortization Fundamentals When you take a […]

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Paying Your Mortgage Early: Can You Pay Yours Early?

Paying off your mortgage early can ease your mind from worries of foreclosure or increasing mortgage rates. Increasing numbers of people are doing this, and relaxing in the knowledge they not only have no mortgage, but also own the entire equity in their home. It’s something to think about, but can you pay yours early? Most […]

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Mortgage Difficulties: What if You Can’t Pay Your Mortgage?

You have likely heard of people with mortgage difficulties. What if you can’t pay your mortgage – what can you do?” Where can you turn to for help to avoid foreclosure and losing your home? As the 2008 mortgage crisis taught us, that could be any of us with that very same problem. So what […]

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Mortgage and Divorce: What Happens to the Mortgage?

Mortgage and divorce are not good bedmates! When love dies money tends to raise its evil head. That’s when people can suffer and nobody ever really wins. The problem is that the mortgage does not disappear and must be paid. Many couples are now more likely to be dividing their liabilities than their assets! Normally, […]

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Option ARM: What is it and How Do I Recognize One?

Option ARMs are a footnote in mortgage history as they aren’t offered anymore. They were controversial instruments that could result in negative amortization, one of many issues that contributed to the mortgage crash a few years ago. We present this information for those that may have heard about Option ARMs and wanted to understand more […]

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How Comparable Sales Affect Your Appraisal: Comp Sale Basics

Comparable sales are used to appraise residential properties in the same area. Such a sale is generally known as a comp sale, and is an important factor in determining the value of homes is similar neighborhoods Fundamentally, when appraising a property, an appraiser will check out the selling price of homes of the same size […]

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Mortgage Escrow: Why an Escrow Account is Necessary

Mortgage escrow is a form of insurance for your lender. An escrow account gives the lender security that your property taxes and home insurance will be paid. This means that your home is not under threat of seizure should you fail to pay your taxes, and that it is insured in case of it being […]

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Estate Planning and Mortgage Loans: Protecting Your Heirs

What do you do about your outstanding mortgage loans in estate planning? At one time it was everyone’s goal to clear their mortgage and for their property to be owned outright with no payment burden on their heirs. Today, however, this is not always possible due to high property and land prices, and various mortgage […]

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Housing Bubbles – What Are They and Why do They Happen?

Housing bubbles are characterized by steadily increasing property prices in economic situations where homeowners and speculators assume they will continue to rise, and might take equity loans based upon that assumption. This is not in itself a bubble, but is generally taken as such when the bubble bursts, and equity collapses. Not only do those […]

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How to Find a Mortgage and Lock in a Rate

Most people do not know how to find a mortgage properly, and have little idea of how to lock in a rate. Seeking the best mortgage for your needs is no longer a matter of choosing the lowest interest rate. There many other factors to take into consideration. Here are some generalized suggestions that will […]

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