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Deciding Whether or Not to Pay Points on a Mortgage

When a homebuyer pays for “points”, he or she is paying a portion of the loan’s interest up front. Points are paid for in a lump sum that will reduce the interest rate on a fixed mortgage. Each mortgage loan point costs the buyer 1 percent of the total mortgage amount. So, for a home with a price tag of $100,000, one mortgage point would cost $1000. The interest rate on a … [Read More...]

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Portfolio Mortgage Loans

Soon after closing many loans are packaged together with others with similar characteristics and sold on the secondary market. The lender that made the loan may still handle the day to day management … [Read More...]

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yellow house

Is An Adjustable Rate Mortgage Right for You?

As prospective homebuyers weigh their financial pros and cons, the subject of adjustable rate mortgages will likely come up. Known as ARMs, they have interest rates that vary, unlike traditional … [Read More...]

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Calculating Your Home Equity

Knowing the amount of equity you have in your home can be beneficial, especially if you're thinking of applying for a mortgage refinance. Calculating your home equity is fairly easy to do. You simply take the current market value of your home and subtract … [Read More...]

Green House

Could Buying a Home with a Stigma Be a Great Deal?

There is a hush-hush phenomenon in real estate that prospective house hunters should be aware of. Although they may not be present in every neighborhood, there are homes to be had for much less than they are worth because they were the scenes of unsavory … [Read More...]

House with sold sign in the front yard.

What’s the Difference Between a Short Sale and a Foreclosure?

As a potential home buyer, you've probably already come across the terms "short sale," "foreclosure," and "REO property." Although it can be confusing, it's important to understand the details and differences in these types of properties, especially if you are … [Read More...]