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Tag Archive | "Mortgage News"

Jumbo Mortgages: What is a Jumbo Mortgage and Why Have One?

Jumbo mortgages are mortgage loans that are higher than the normal mortgage loan limits. It is not an arbitrary figure, but one set by Fannie Mae and Freddie Mac for residential mortgages.  In most areas of the US, a jumbo mortgage starts at over $417,000. In the more expensive urban areas of San Francisco, Los […]

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HUD Homes and FHA Loans for Adverse Credit Mortgages

HUD homes and FHA loans can be used to enable those with low FICO scores to get adverse credit mortgages. The Department of Housing and Urban Development (HUD) offers insurance on mortgages, and when a homeowner with such insurance is unable to maintain the mortgage repayments, the lender forecloses and HUD pays the balance due. […]

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What Mortgage is Best for You: Common Types of Mortgage

What mortgage is best for you? It is not possible to answer that question without knowing your personal details. However, here are some of the more common types of mortgage, and each should be available to most people. Fixed Rate Mortgages A fixed rate mortgage is the most common type of mortgage loan in the […]

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First Time Buyers: Buying Your First Home

First time buyers are usually excited but nervous when they decide to purchase their very first home. They worry about what is involved, and how to go about purchasing the best home they can for the money they have. It is the biggest commitment of anybody’s life after marriage and having children and just before […]

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Employment Data and Mortgage Rates: The Connection Between Them

Employment data and mortgage rates are intimately connected. This is partially because the Federal Reserve must maintain conditions that favor as high a level of employment as possible but must also contain inflation. These are not compatible with each other. The Federal Reserve and Discount Rates Each month, the Bureau of Labor Statistics publishes an […]

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Lease Option to Buy: Pros a Cons of Leasing a Home

A lease option to buy enables you rent out your home, but also offers the tenant to the right to buy at a prearranged price after a specified period of time. Leasing a home is also known by other terms such as ‘rent to buy,’ because you receive a monthly rent and at the end […]

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Mortgage Refinance: Advice on Refinancing a Mortgage

Mortgage refinance is not always possible if there is a second mortgage on the home. In fact, many people get confused by the two terms: refinancing a mortgage and taking a second mortgage. They are quite different, and sometimes one or the other is the wisest step to take. We shall first discuss the difference […]

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Truth in Lending and Your Mortgage Loan

Truth in Lending was introduced in 1968 to ensure uniformity in the way that costs incurred in borrowing, such as a mortgage loan, are calculated and presented to the borrower. It should, in theory, enable consumers to compare the costs of various mortgage loan types and lenders in a consistent manner. Let’s take an example. […]

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Boomerang Buyers and Mortgage after Foreclosure

Boomerang Buyers is the name given to those that are being offered new mortgages after suffering foreclosure on their previous homes. Foreclosure is a dreadful thing to happen to any home owner. However, under the right circumstances, it is possible get a mortgage after foreclosure. The stigma and fallout of going through a foreclosure does […]

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First Time Buyer Issues: Low Credit Scores

A first time buyer mortgage is no longer difficult to get, but a mortgage with low credit score might take a little more work. However, even bad credit will not prevent a first time buyer getting a mortgage under certain circumstances. Since the subprime mortgage and derivatives meltdown of the latter half of the 2000s, […]

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