Tag Archives: mortgage comparison

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The Red Flags of Getting a Home Loan

Red flags are indicators that there may be a current or future problem with the borrower or transaction. They help Underwriters isolate pertinent issues that are part of the overall loan evaluation. They are questionable items, and when there are several, they usually indicate that something is ?amiss? and should be investigated further. Lenders, who […]

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Mortgage Questions to Ask Your Lender

Buying and financing a home today can be overwhelming. Here are some questions to ask your lender so that you can make informed decisions. Are both fixed-rate and adjustable mortgage loans available? What is the interest rate? How long can I “lock-in” the financing at the current interest rate? Is a float down lock available […]

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How to Buy a Home Without a Down Payment

Mortgage rates are rising and it’s becoming more difficult for a prospective buyer to save up for the necessary down payment. Fortunately, there are ways around this hurdle. Although homebuyers were once required to put down 20% of the purchase price, those times are long gone. Generally, lenders now require 3 to 5 percent down. […]

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How to Compare Fixed Rate Mortgages and Adjustable Rate Mortgages

There are many types of mortgages, and the more you know about them before you start, the better. To compare one Adjustable Rate Mortgage with another or with a fixed-rate mortgage, you need to know about indexes, margins, discounts, caps, negative amortization, and convertibility. You need to consider the maximum amount your monthly payment could […]

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Things That You Need to Know Before Financing Your Home

Frequent Asking Questions: What are Points? A. There are several types of mortgage related costs called “points” and their definitions and purposes vary. Generally, points are costs that must be paid to a lender in order to receive mortgage financing under specified terms. One point means 1% of the loan amount. 1% Disount point means, […]

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Home Buyer and House Plan Terms and Definitions – Part VI

Recording Fee – A charge for recording the transfer of a property, paid to a city, county, or other appropriate branch of government. Real Estate Settlement Procedures Act (RESPA) – A federal law requiring lenders to provide home buyers with information about known or estimated settlement costs. The act also regulates other aspects of settlement procedures. R-Value – […]

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Home Buyer and House Plan Terms and Definitions – Part V

Mortgage Broker – A broker who represents numerous lenders and helps consumers find affordable mortgages; the broker charges a fee only if the consumer finds a loan. Mortgage Commitment – A formal written communication by a lender, agreeing to make a mortgage loan on a specific property, specifying the loan amount, length of time and conditions. Mortgage […]

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