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Tag Archive | "Mortgage News"

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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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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Paying Cash for a Home: Is it Worth Doing?

Paying cash for a home would seem to be the ideal way to purchase real estate. No mortgage, so no monthly repayments to worry about.  So why is that that those who can afford to do so often decide to take the mortgage instead? By not taking a loan you save on the interest you […]

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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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Mortgage Refinance and Modification: What’s the Difference?

What is the difference between mortgage refinance and modification? Fundamentally, mortgage refinancing involves changing the terms of your mortgage to something more suitable for you. In effect, you pay off your existing mortgage loan and replace it with another with terms more favorable to you. Mortgage modification is a way of making the mortgage more […]

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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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