Tag Archives: mortgages

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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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Learn About Your Home Mortgage Options – Entire Article

A mortgage is a long-term loan that uses real estate as collateral. A mortgage loan is commonly used for buying a home. Mortgage loans are usually fully amortizing, which means that the monthly principal and interest payment will pay off the loan in the number of payments stipulated on the note. Mortgage loans are also […]

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Learn About Your Home Mortgage Options – Part V

Here are some things to consider with an ARM or a Hybrid ARM: Is my income likely to increase enough to cover higher mortgage payments if interest rates go up? How long do I plan to own this home? (If you plan to sell soon, rising interest rates may not present the risk they do […]

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Learn About Your Home Mortgage Options – Part IV

State Housing Finance Agency Loans State Housing Finance Agencies (HFA) provide loans to first-time homebuyers, often at below-market interest rates. Program availability and eligibility requirements vary from state to state. You should check with your state HFA for programs that are currently available. Find a link to your state?s HFA from the National Council of […]

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Learn About Your Home Mortgage Options – Part III

VA-Guaranteed Loans If you are a veteran of military service, reservist, or on active military duty, you may be able to obtain a loan guaranteed by the Department of Veterans Affairs (VA), which requires little or no downpayment. Get more information about the VA Loan Guaranty program. Rural Housing Service Loans The Rural Housing Service […]

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Learn About Your Home Mortgage Options – Part II

Conventional Mortgages A conventional mortgage is one that is not insured or guaranteed by the government. Conventional loans with a downpayment of less than 20% typically require private mortgage insurance (PMI), which protects the lender if the homeowner defaults on the loan. For more information about conventional loans, please check the Web sites of Fannie […]

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Learn About Your Home Mortgage Options – Part I

A mortgage is a long-term loan that uses real estate as collateral. A mortgage loan is commonly used for buying a home. Mortgage loans are usually fully amortizing, which means that the monthly principal and interest payment will pay off the loan in the number of payments stipulated on the note. Mortgage loans are also […]

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