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Tag Archive | "mortgage basics"

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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Mortgage Down Payment: Importance of a Deposit on a Home

If you are only able to make a small mortgage down payment on the home you wish to buy, then that will affect the type of loan available to you. In fact, a small deposit on a home will also limit the amount of closing costs that the seller will be allowed to pay for […]

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Home Purchase Basics: Down Payments and Closing Costs

When you make a down payment on a home it has a significant effect on most aspects of home purchase. Your real estate deposit is more important than you likely believe. Here are some factors that relate to the amount of mortgage down payment you make and the closing costs you may have to pay. […]

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What is APR: Annual Percentage Rate and How to Use It

What is APR? It stands for Annual Percentage Rate, but what does that mean? You will see the term on every quotation for finance or credit cards you receive. It is one of those ubiquitous terms that very few people actually understand. What confuses many is the APR is generally higher than the note rate […]

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Your Credit Report: Are Your Credit Records Accurate?

Like it or not, your credit report will be examined each time you apply for credit of any kind. This might be viewed in the form of a condensed ‘credit score’ which is a numerical measure of your credit-worthiness. It might also be inspected in full, so it pays for you to take advantage of […]

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Your Credit Report: Are Your Credit Records Accurate?

Like it or not, your credit report will be examined each time you apply for credit of any kind. This might be viewed in the form of a condensed ‘credit score’ which is a numerical measure of your credit-worthiness. It might also be inspected in full, so it pays for you to take advantage of […]

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Green Mortgages: What are Energy Efficient Mortgages?

Green mortgages are energy efficient mortgages that have been discussed since the early 1980s. It s possible to have energy-efficient improvements made to your home and included in your mortgage repayment schedule. This should be discussed when arranging your mortgage. Energy efficient mortgages are available to most people applying for them, yet they are a little […]

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Loan Modification: Basics of Mortgage Modifications

Loan modification is a process that enables those in danger of foreclosure to modify or rearrange their mortgage. Fundamentally, the purpose of mortgage modifications is to enable homeowners with payment difficulties to keep current with their repayments and retain ownership of their homes. There have been problems with these in the past, and many lenders […]

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