Mortgages

Types of Mortgage Lenders

Types of Mortgage Lenders

Mortgage Bankers Mortgage Bankers are lenders that are large enough to originate loans and create pools of loans which they sell directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Any company that does this is considered to be a mortgage banker. Some companies don’t...

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Loan Application Checklist

Loan Application Checklist

Items You Need for When Applying For a Loan – Have These Items Ready When You Apply For a Loan It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest...

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What is a FICO Score?

What is a FICO Score?

FICO Score – a Brief Explanation When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you’ve made your payments on time. What you may not expect is that they seem to be more interested in your “FICO” score....

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Which ARM is the Best Alternative?

Which ARM is the Best Alternative?

 How would you like a mortgage loan where you did not have to make the whole payment if you did not want to? Or would you like a loan with an interest rate about one percent below a thirty-year fixed rate mortgage and pay zero points? Or a loan...

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Closing Costs Explained

Closing Costs Explained

Closing Costs When Buying or Refinancing a Home This is a detailed summary of costs you may have to pay when you buy or refinance your home. They are listed in the order that they should appear on a Good Faith Estimate you obtain from a mortgage lender. There...

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Biweekly Mortgage – Who Needs It?

Biweekly Mortgage – Who Needs It?

Have you received an advertisement offering to save you thousands of dollars on your thirty-year mortgage and cut years off your payments? With email “spam” becoming more pervasive as everyone tries to “get rich quick” on the internet, these ads are popping up with troublesome regularity. The ads promote...

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Steps to Buying a Home

Steps to Buying a Home

When preparing to buy a home, the first thing many Homebuyers do is look at “homes for sale” ads in newspapers, magazines and listings on the internet. Some potential buyers read “how-to” articles like this one. The next thing you should do – before you call on an ad,...

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No Cost 30 Year Fixed Rate Mortgage

There really is no such thing as a “no-cost” mortgage loan. There are always costs, such as appraisal fees, escrow fees, title insurance fees, document fees, processing fees, flood certification fees, recording fees, notary fees, tax service fees, wire fees, and so on, depending on whether the loan is...

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