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Tag Archive | "Mortgage News"

Mortgage Prepayment Penalties Basics

Mortgage prepayment penalties are still applied to certain mortgage accounts, even though they are not as common as they were a few years ago. Fundamentally, a prepayment penalty is an agreement between you and a lender that you will pay extra to the lender if you repay your loan earlier than the contracted period. They […]

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Moving Home: Should You Buy First or Sell First?

When selling your home it is always best to make sure you have somewhere to live when your home sells. Sure, you might have plans to rent between selling your current home and buying your new home, but things can go wrong. Rental costs can easily eat into your deposit and cash for closing fees […]

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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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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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