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Tag Archive | "mortgage basics"

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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Title Insurance: Is it Necessary and Why?

Title insurance protects you from problems relating to the title or ownership of your home. Most properties have passed through many different hands, involving many different contractual agreements. It only takes one of these to have been sloppily researched for somebody to lay claim to your home because their great-grandparents were cheated out of it […]

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Mortgage Point Basics: Why Paying Points is an Investment

Mortgage points, also referred to as ‘discount points,’ are payable at closing. Each point is charged at 1% of your mortgage loan and reduces your interest rate by a certain amount.  The amount by which the rate is reduced for each point varies according to your mortgage and your lender, though an average is 0.25% […]

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