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Government Mortgages – FHA & VA 27 Aug 2013 | 05:00 am
So-called “Government Mortgages” have helped millions of people who might otherwise be shut out of the market buy homes for over 50 years. In fact, the U.S. Government does not really make any mortgag...
Balloon Mortgage 26 Aug 2013 | 05:00 am
Balloons are fun, right? Balloon mortgage loans may or may not be quite as enjoyable. Depending on your circumstances, a balloon mortgage may be the answer to your prayers or your worst nightmare. Bas...
Adjustable Rate Mortgages: 2/28 and 3/27 25 Aug 2013 | 05:00 am
These loans are structured so that the first two (2/28) or three (3/27) years are Fixed at the Start Rate. The remaining term (28-27 years) converts to a One Year Adjustable Rate Mortgage (1 Year ARM)...
Three Year Adjustable Rate Mortgage 24 Aug 2013 | 05:00 am
With potential interest rate adjustments only every three years, after which the new rate is fixed for the next three years, this loan has worked for millions of people in the past. There are two prim...
Six Month Adjustable Rate Mortgage 22 Aug 2013 | 05:00 am
One of the least popular mortgage loans is the Six Month Adjustable Rate Mortgage (6 Month ARM). The reason for this skepticism is, of course, the short period between interest rate adjustments; only ...
30 Year Fixed Rate 20 Aug 2013 | 05:00 am
The creation of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) in the 1970's changed the home loan landscape with the introduction ...
How To Avoid PMI (Private Mortgage Insurance) 19 Aug 2013 | 05:00 am
Since PMI (private mortgage insurance) is often required by lenders if your mortgage loan amount equals more than 80% of the fair market value (FMV) of your new home at closing, the obvious answer is ...
Cost of PMI (Private Mortgage Insurance) 18 Aug 2013 | 05:00 am
If you borrow more than 80% of your home's fair market value (FMV), your lender may require private mortgage insurance (PMI). For this coverage, you will pay a monthly premium at a cost that depends o...
PMI (Private Mortgage Insurance) Explained 17 Aug 2013 | 05:00 am
Home buyers cringe when a loan officer mentions PMI (Private Mortgage Insurance) and that the buyer may need it. But, the existence of PMI has also helped many people, particularly first time home buy...
Which Is Better: First or Second Mortgage? 16 Aug 2013 | 05:00 am
When you must decide to refinance your first mortgage or get a second mortgage, there are some considerations that might help you choose the right course of action. Much depends on your reasons for wa...
