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Things that You Need to Know before Financing Your Home
Frequently Asked 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, it
will cost you 1% of the loan amount to buy the rate down by
mostly .25% ( 1/4 of a rate ). 1 point origination fee means, it
will cost you 1% of the loan amount by a lender or a broker to do
the loan for you.
What does it mean to "lock" the interest rate? A. Due to
interest rate movements, mortgage rates can change between the
day you apply and the day you close. To protect against
uncertainty, a lender can " lock-in " and gurantee you or 30, 60,
90, or 120 days. The longer the days are the higher the rate will
be.
What is the lowest down payment I can use or a down payment on
my home purchase? A. A 20% down payment used to be a standard,
and most lenders today allow the buyer to put down as little as
5% down, or $5,000 on $100,000 loan. In fact, over 75% o the
borrowers are now putting 0% down payment. If you put 20% down,
then you will not pay PMI ( private mortgage insurance ) monthly
to insure the loan for the lender. However, if you have a credit
score below 620 and aquire a sub prime loan ( higher rate ), you
will not pay PMI. PMI is only applied on prime loans ( prime
rates ) with less than 20% down payment. The more down payment
you put, the less will the monthly payment on the mortgage.
George Tesfa. Sr. Loan Officer
American Mortgage
http://www.Amerimort.com
http://www.CashMyEquity.com
MORE RESOURCES updated Wed. June / 07 / 2023
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Know Your Mortgage
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While trying to find the lowest rates, many homeowners fail
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Mortgage Brokers or
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When you're looking for a home loan, you might work with an
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Build Your Own Dream
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So you're thinking about building your own house, are you?
Well, you've come to the right place! It's a lot of fun
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Reverse Mortgages Learn
The Facts First!
Reverse Mortgages, Most Common Features: Many offer special
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Mortgage Cycling -
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How to Buy a Home
Without a Down Payment
Mortgage rates are rising and it's becoming more difficult
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payment. Fortunately, there are ways around this hurdle.
What the Bank Won't Tell
You About Mortgage Refinancing
So you have a mortgage, and you need to refinance to get
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long term than they would have otherwise.
Buying a Home With Bad
Credit - Get Approved With a Recent Bankruptcy or
Foreclosure
A few years ago, if you had a bankruptcy or a foreclosure
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a mortgage loan. If you were lucky enough to find someone
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Refinancing Your Home -
How and Why?
Chances are you may need a little extra money to get some
work done around the home or perhaps your current interest
rate is 7.5% and the prime interest rate is 6.
Home Equity Loans Can
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Think About the Long Term. Estimate how long you expect to
stay in your current house.
Homeowners' insurance:
The mortgage connection
A home owners' insurance is the cover for the house against
natural calamities as well as liability. This covers the
house and its contents but also other personal possessions
which the house secures.
Doing a California
Refinance Online
Californians are passionate people. I know.
An Infinity
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Thinking About
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More and more of use are signing up for limited time low
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Why a Mortgage
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The best way to explain why a mortgage professional is
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Home Equity Loans
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Save Yourself from
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Whether you are a first time home buyer or a happy home
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are some cardinal "dos" and "don'ts" to follow. For many,
home ownership is the biggest investment in their lives and
that could be the reason why some people act irrationally,
as if they purposely want to sabotage the deal.
A Guide to Getting a
Home Improvement Loan
If you've got a few things around the house that you'd like
to spruce up but don't have the money for, you might want
to consider getting a home improvement loan. As the name
implies, a home improvement loan is designed to pay for
improvements to a house or other form of real estate.
Finding the Best Home
Improvement Loans
When the time comes to do work around the house, finding
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need and to hire the professionals that can get the job
done.
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