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Tag Archive | "mortgage basics"

Mortgage Down Payment Assistance Programs

Down payment assistance programs (DPA) are designed to help you with your down payment when buying a home. If you are having trouble raising the cash needed to buy your home, then help is available – but funds are limited, and many state and local governments will rapidly run out of such assistance. DPA did […]

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How Much Mortgage Can I Afford

What mortgage can I afford?  Practically all house buyers have asked themselves that question at one time or another.  What are mortgage points, and what down payment must I have? These are others. Here is some advice on arranging a mortgage that you can afford. What Mortgage Can I Afford – Pretax Income It is […]

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Private Mortgage Insurance Basics

Private mortgage insurance is usually required when you take a mortgage loan. In fact it is generally included in your mortgage payment and placed in an escrow account along with any tax liability. This protects the lender against any inability on your part to pay the full annual lump sum when it is due. Must […]

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PITI: Principal, Interest, Taxes, and Insurance.

Sounding just like ‘pity,’ PITI stands for Principal, Interest, Taxes and Insurance. The term is used in relation to mortgage payments. It is the total monthly sum paid for a mortgage in the USA. Here is a description of the initials in the acronym in more detail. PITI: Principal The principal is the capital sum […]

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Mortgage Basics: Hybrid ARM (Fixed-Period ARM)

Mortgage terminology is often confusing to people and the hybrid ARM, or fixed period ARM (adjustable rate mortgage,) is a good example. In fact, it would be fair to say that most people do not understand many of the terms used by mortgage lenders, and tend to blanche when the term ‘hybrid’ is used in […]

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Mortgage Questions: Mortgage Terminology Explained

The mortgage questions we are asked are often based upon mortgage terminology. We shall start with some that relate to simple terms that are often misunderstood, and then progress to those that can really be confusing. Mortgage Questions:  What is Preapproval? When you are looking for a new home, it makes sense to know how […]

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Mortgage Basics: Prepaid Interest and Escrow Accounts

Many find it difficult to understand the concept of ‘escrow’ in general. We shall try to make that clearer here. First, however, the question of prepaid interest. Mortgage Questions: What is Prepaid Interest? In mortgage terminology, prepaid interest relates to an advance payment made to cover the interest due for the remaining days of the […]

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Mortgage History: Subprime Mortgage Crisis and Mortgage Derivatives

Half a decade on, and have we learned from the subprime mortgage crisis? Are mortgage derivatives now secure, and can investors purchase mortgage backed securities with confidence? There were lessons to be learned, but have we all learned them? There is no definitive answer to these questions. Even now, analysts disagree on the root causes […]

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Mortgage Term Options: 15 or 30 Year Mortgage?

Of the two mortgage term options, is the 15 or 30 year mortgage period better? These are the two common periods over which people choose to pay their mortgages in, so what is the difference? Obviously, the longer you take to pay, the less your monthly repayments will be, but what are the pros and […]

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Mortgage Term Options: 15 or 30 Year Mortgage?

Of the two mortgage term options, is the 15 or 30 year mortgage period better? These are the two common periods over which people choose to pay their mortgages in, so what is the difference? Obviously, the longer you take to pay, the less your monthly repayments will be, but what are the pros and […]

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