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Tag: Mortgage

Posted on 07/12/2023
Mortgage points: What they are and how they can help
Mortgage points can be a confusing topic, especially if...
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Posted on 03/22/2023
A buyer's guide to choosing a down payment on a house
A major step in the homebuying process is paying the down...
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Posted on 12/24/2022
How mortgage works: Nuances to know
Getting a mortgage is a major part of the homebuying journey, but many first-time borrowers wonder: “how does a mortgage work?” While the basic concept of a loan might be simple, mortgages come with an entire process consisting of multiple stages. Most borrowers begin by comparing mortgage lenders and getting preapproval for a specific amount of money. But...
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Posted on 12/13/2022
Can you get online preapproval for a mortgage? Here's what you should know
When preparing to buy a home, many potential buyers turn to online preapproval to jumpstart their loan process. While it’s a good idea to compare multiple lenders to find the best down payment option and interest rate, getting mortgage preapproval online can have its advantages. What is mortgage prequalification? Prequalification for a mortgage is based on a basic...
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Posted on 11/30/2022
The basics of selling a mortgaged house
Selling a mortgaged house is a common real estate transaction. If you want to move out of your home but still have outstanding mortgage payments, you have the option of selling and using the proceeds to cover the amount of your remaining balance. Are you interested in selling your home with an outstanding mortgage? Here is a quick...
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Posted on 11/26/2022
What is the mortgage, anyway?
For many, the concept of buying property seems completely unfamiliar - and paying for it might make you wonder, “what is ‘the mortgage,’ anyway?” If you’ve rented a house or apartment before, you’re familiar with monthly payments and extra fees for maintaining the property. But how is a mortgage different? To help you gain a better understanding of...
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Posted on 11/21/2022
Understanding the fixed rate mortgage definition
To choose the right mortgage loan, it’s important to understand the “fixed rate mortgage” definition. This type of loan has several advantages, including predictable monthly payments and long repayment terms. However, a fixed rate mortgage might not be right for everyone. Here is a quick guide to understanding this type of mortgage: Fixed-rate mortgages vs. adjustable-rate mortgages When...
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Posted on 10/06/2022
Mortgage prepayment penalty: What you need to know
Mortgage lenders make money primarily through interest payments, which means many loans come with a mortgage prepayment penalty. And while not impossible to prepay your mortgage, it’s important to understand prepayment penalties and how they work. How penalties vary by lender Some lenders charge prepayment penalties for paying out the loan balance in one payment. Penalties will differ...
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Posted on 08/29/2022
What is APR? Mortgage terms to know
When searching for a mortgage, many homeowners might wonder: “What is APR?” Mortgage loans have interest rates, but also other costs - this is where the annual percentage rate (APR) comes into play. But what exactly does APR mean, and why does it matter for mortgages? Here is a basic guide to help you understand this crucial aspect...
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Posted on 08/24/2022
Terms of a mortgage: Understanding the basics
A major aspect of financing a home is choosing the “term” of a mortgage. But what exactly are mortgage terms? While terms vary by mortgage lender, many are shared across the board. The more you know about the terms of a mortgage, the better prepared you’ll be to pay it back. What is a mortgage “term”? In a...
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