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Tag Archive | "mortgage basics"

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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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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