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Tag Archive | "mortgage basics"

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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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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