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Tag Archive | "mortgage basics"

Escrow Accounts and Why You Need Them

Escrow accounts are a means of paying small regular sums of money to cover large sums required at regular intervals such as annual homeowners’ insurance payments.  Escrow is a good way to make sure you can make such payments when they are required. Escrow accounts are not required by everyone, but they are useful to […]

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Joint Mortgages for Couples with Conflicting Credit Scores

Joint mortgages for couples, whether married or not, can be problematic if they have conflicting credit scores.  What is the situation if you have a high FICO score, but your partner’s score is low? You might both have a good income now, and also money in the bank, but what is the situation regarding a […]

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Libor ARMs: What are They and Why Select One?

A Libor based mortgage is an adjustable rate mortgage (ARM) in which the interest rate is tied to an index known as the Libor index. The term ‘LIBOR’ refers to the London Interbank Offered Rate, which is the interest rate at which a group of major London banks borrow money from each other. It is […]

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Improving Your Credit Score: How to Improve your FICO Score

Improving your credit score is important if you are seeking a mortgage. If your FICO score is below 700, you could do with improving it to make sure you are offered the best interest rates. You can get a mortgage with a low credit score, but you will pay for it in interest and perhaps […]

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Find a Mortgage or Find a Property: Which First?

Should you find a mortgage or find a property first? This question is more important for first time buyers, because they have not been through the process before and are likely unsure of the procedures involved. However, it only takes a little bit of thought to answer that question yourself. It is not possible to […]

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Qualifying For a Mortgage: Mortgage Qualification Factors

Most find qualifying for a mortgage easy, though there are mortgage qualification factors that can trip some people up. It is best to understand what these factors are, so that you can take steps to rectify any potential problems in advance of your mortgage application. In doing this, keep in mind that the mortgage business […]

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Amortization Periods: Short or Long Term Mortgage?

Amortization periods have a profound effect on your mortgage repayment figures. Here we discuss the difference between a short and long term mortgage. Once the down payment has been deducted from the price of your new home, the balance is amortized over a period years. Each monthly repayment includes the decreasing principal owed after the […]

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Mortgage Escrow: Mortgage Impound and Escrow Accounts

Mortgage escrow / impound accounts are a means of paying future large payments in advance, with smaller monthly payments. Mortgage impound or escrow accounts may be a requirement placed upon you by your lender, here are some examples. Mortgage escrow accounts are usually set up by a lender who want to insure that you have […]

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Balloon Mortgages – What is a Balloon Loan?

Balloon mortgages involve the payment of a lump sum to clear the outstanding mortgage loan after a specific period of time. A common form of balloon loan in the auto industry is to borrow a certain sum to purchase a car, and agree to a balloon payment at the end of the loan period. For […]

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Cash or Mortgage: Is a Mortgage Better than Buying Outright

Cash or mortgage: which is best? Is a mortgage better than buying your home outright? On the face of it there is no question. Surely paying cash for your home, meaning buying it outright, beats taking a loan every time. You have no interest to pay and no monthly payments to make. So does the […]

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