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Tag Archive | "mortgage basics"

The Mortgage Application Process: First Steps in Buying a Home

The mortgage application process is the first step required if you need a loan to purchase residential real estate. The correct name for this is the Uniform Residential Loan Application, and takes the form of a substantial application form in which you must provide all the personal information needed for a lender to make a […]

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FICO Credit Score Basics

FICO credit scores are use by lenders to assess how likely you are to be able to repay a loan. If you intend applying for a mortgage, knowing how FICO credit scores work could be of advantage to you. Understanding them might enable you to improve your credit score before you make your application. First, […]

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Fixed Mortgage Basics: Fundamentals of Fixed Interest Rates

A fixed mortgage is one whose interest rate remains the same over the full term of the mortgage loan. This contrasts with an adjustable rate mortgage, where the interest rate can fluctuate with market conditions after a specified period of time. A fixed interest rate is easier to understand, and many prefer the predictability of […]

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Mortgage Credit Report Basics: Credit Scores and Mortgages

Every person applying for a mortgage will be subject to having their credit report pulled. Credit scores and mortgages go hand in hand, since you will not be offered a mortgage unless you meet certain criteria that define your ability to repay any loan you are given to purchase real estate. When you apply for […]

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Mortgage Prepayment Penalty Basics: Early Settlement Costs

Fundamentally, a mortgage prepayment penalty is applied by lenders to recover some of the profit they would have made were the loan to have run its full term. Interest rates and other aspects of loans, including mortgages, are set on the basis of loans running for the agreed period, and should a borrower repay the […]

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Adjustable Rate vs Fixed Rate Mortgage Basics

Adjustable Rate Mortgage Basics: ARM or Fixed Rate? With an adjustable rate mortgage (ARM) you pay a fixed rate of interest on your mortgage for a specified period, after which the rate adjusts until the term of the loan is complete. The initial monthly payments will generally be lower than those with a fixed interest […]

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FHA (Federal Housing Administration) Loan Basics

What Are FHA Loans: Federal Housing Administration Loans FHA loans (Federal Housing Administration loans) enable people to purchase a home with a small down payment. People who would otherwise be unable to purchase a home can do so if they qualify for an FHA loan. They no longer have to save up for a large […]

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HARP (Home Affordable Refinance Program) Loan Basics

Home Affordable Refinance Program and Refinancing Your Home The Home Affordable Refinance Program (HARP) was introduced to enable people with negative equity, but who are up to date with their mortgage repayments, to refinance without the need to take private mortgage insurance (PMI). HARP is fundamentally about private mortgage insurance in relation to the difference […]

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

Mortgage pre-approval makes a great deal of sense when you are planning to buy a house. A pre-approved mortgage is particularly of benefit if your finances are not exactly as you would like them, but you need to confirm you can afford the monthly payments required for your dream home. Imagine the embarrassment if you […]

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What To Expect When You Take on a Mortgage?

The mortgage application process can be daunting for first-time home buyers. Knowing what to expect can help them to prepare for it. The mortgage process should begin as soon as you start looking for a home and it does not end until you take possession of your new home. Step One: Applying and Getting Pre-Approved […]

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