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Tag Archive | "mortgage basics"

Mortgage Points: What Are Points on a Mortgage?

Mortgage points offer a means of reducing your mortgage interest rate by purchasing points upfront. Each point helps your mortgage interest rate and one point is charged at 1% of the amount of your mortgage loan. Thus, if your mortgage loan is $150,000, each point will cost you $1,500. Generally, mortgage lenders will offer you […]

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Do Weekly or Bi-weekly Mortgage Payments Offer Benefits?

Do weekly and bi-weekly mortgage payments offer any benefits? If you are actively seeking a mortgage, or have just recently taken one, you will probably be asked either directly or by means of targeted mail whether you want one of these plans. They will likely promise wonderful savings for an upfront payment of a few […]

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Standard Mortgage or FHA Mortgage: which Should You Choose

There are many questions regarding differences between standard or FHA mortgages. An FHA mortgage is not offered by the FHA (Federal Housing Administration), but is insured by that body. In effect, the FHA will underwrite a loan offered by a lender that would not normally have offered the loan. If a mortgage applicant is deemed […]

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Who Owns My Mortgage Loan – my Lender or Freddie Mac?

“Who owns my mortgage loan?” This is not an unusual question, but the answer is not as straightforward as you might think it to be. The owner of your mortgage loan is almost certainly not the person you arranged it with, nor even the company he or she works for. As long as you maintain […]

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Joint Mortgages: The Pros and Cons of a Joint Mortgage

Joint mortgages can be beneficial in terms of qualifying for a larger loan, but there are also some disadvantages to this arrangement. Here we shall discuss why people agree to joint mortgages, and also look at some of the reasons why they might not be such a good idea. Benefits of Joint Mortgages Larger Mortgages: […]

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Mortgage Prepayment Penalties Basics

Mortgage prepayment penalties are still applied to certain mortgage accounts, even though they are not as common as they were a few years ago. Fundamentally, a prepayment penalty is an agreement between you and a lender that you will pay extra to the lender if you repay your loan earlier than the contracted period. They […]

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What to Avoid when Seeking a Mortgage

There are many things to avoid when seeking a mortgage. One issue to avoid is that the interest rate quoted by phone will be applied at closing, and another is to compare mortgage rates on different days. Each of these can be explained by stating that a major mistake made by many people is to […]

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Negative Equity, How it Happens and How to Avoid It

Fundamentally, negative equity is the situation where the value of your home is less than the amount you still owe on your mortgage. This can be a severe burden on you if you want to move and you find that your debts are greater than your selling price. These debts are the total of all […]

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Applying for a Mortgage When Self-Employed

When applying for a mortgage when self-employed, a major factor is to declare as much income as you can. It is not uncommon for the self-employed to claim as many expenses as they can against their income to reduce their taxes.  However, if you are seeking a mortgage, this practice may work against you. Applying […]

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Saving on Homeowners Insurance Costs

Saving on homeowners insurance costs is not particularly easy, but you can save if you take some time to do it. Shopping around is the most obvious way, but when comparing prices make sure you offer exactly the same information to each. The National Association of Insurance Commissioners (NAIC) can help you out with average […]

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