A mortgage may be the largest investment of your entire life.
Deciding whether or nor a mortgage is right for you may also be the single most important financial decision you ever make.
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Many people believe that having few, if any, credit cards and not having any debt is good for their credit…and they’re all wrong!
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It is important to know what your credit score is before you apply for a mortgage loan.
Finding out your current score ahead of time will help you determine what lenders may be willing to provide you with a mortgage and how much money may qualify for.
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When you’re finally ready to finalize the purchase of a new home and have a mortgage ready to be signed, you may be responsible for paying up to several thousands of dollars in fees associated with the mortgage closing upfront.
Any professional work or documents that need to be prepared to finalize the purchase of your new home may increase your closing costs substantially.
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Historically, consumers who were approved for mortgage loans were required by lenders to make down payments equal to 20 percent of the value of the home they were interested in buying. With many lenders today, the mandatory 20 percent down payment is now a thing of the past.
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Refinancing your mortgage may be an excellent strategy to save a lot of money on your mortgage in the long run. If not used wisely, however, a refi could make your home much more expensive to pay off.
On paper, mortgage refinancing may seem like a great idea.
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Like “the Sword of Damocles,” the threat of foreclosure hangs over any mortgaged home until the mortgage is paid off. Fall behind on a few mortgage payments and your mortgage lender could foreclose.
Foreclosure is the process by which a lender or mortgage company vastly accelerates the monthly payments into one lump sum; declaring the mortgage immediately due in full.
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A reverse mortgage can make good financial sense if you are an older person with a lot of equity in your home but are currently strapped for cash.
If you are 62 years of age or older and no longer have a preexisting mortgage or owe very little on your existing mortgage you can transform your home equity into cash.
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As one of the greatest investments you may ever make, there has always been an element of risk associated with any mortgage. Fail to pay off your mortgage and you could lose your home.
With fixed rate mortgages, the risk stays the same. You make the same payment at regularly scheduled intervals throughout the life of a typical 15- or 30-year mortgage. With adjustable rate mortgages (ARMs) the rate of interest you pay on the loan will change after a certain number of years, depending on current market rates and economic trends.
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Have you ever struggled with the question of whether or not you should own or rent a home? If so, renting may seem like the more convenient option. You don’t have to go through the complicated and sometimes drawn out process of getting approved for a loan in order to rent. You also don’t have to worry about selling your place when you’re ready to move again.
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