Tag: Mortgage

Posted on 01/08/2023
What is the term of a mortgage? Your questions answered
A major aspect of financing a home is choosing the “term”...
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Posted on 12/04/2022
The basics of a 15-year fixed mortgage
Prospective homebuyers and current homeowners know that a mortgage is likely to go hand-in-hand with your home, unless another arrangement has been made. However, there are many options available for those monthly mortgage payments, most commonly through 30-year fixed rate mortgages and 15-year fixed rate mortgages. Most know about the 30-year option, but what about the 15-year fixed...
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Posted on 11/06/2022
What is a mortgage prepayment penalty?
Mortgage lenders make money primarily through interest...
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Posted on 07/24/2022
How long does it take to buy a house? Major factors to consider
If you’re interested in purchasing property, you might be wondering, “how long does it take to buy a house?” Home buying is a lengthy process even when everything goes smoothly, and can easily become longer and more complicated with every potential hiccup. To help you better prepare for the process and save time, here are some key tips...
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Posted on 07/17/2022
4 Reasons Why Down Payment Amount Matters
Many financial experts suggest paying a 20% down payment when buying a home. While for some prospective homebuyers this may be a simple task, others might wonder if the suggested 20% of the home purchase price—or higher—are necessary. Here are some reasons it benefits you to make a larger down payment when buying a house: Score Better Mortgage...
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Posted on 10/31/2021
Mortgage vs Construction Loan: Understanding Key Differences
Image by pasja1000 from Pixabay Most homeowners have a mortgage against their house, and homebuyers who purchase existing homes usually secure a traditional mortgage before closing. When building a new house, however, you’re likely to need a construction loan before getting a home mortgage. Here’s a breakdown of each, including how they’re used in the new home building...
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Posted on 10/18/2020
What are Prepayment Penalties?
Photo by Steve Buissinne via Pixabay Most are familiar with the key components of a mortgage: how much you're borrowing, what your interest rate is, how many years you'll be paying your mortgage back. There are many, however, who do not understand some of the finer details, including what prepayment penalties are and how they may affect you...
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