Online mortgage calculators are widely used by home buyers today. If you are planning buy your next house, you should use these tools to determine how much you can fork out for your next house. This is not to say that the use of online mortgage calculators is flawless – they have their advantages and […]
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Tough Financial Times Are Taking Their Toll On Younger Households With households all over the country feeling the pinch of the ever-increasing costs of living, it appears that the tough financial times are taking their toll on younger households. Despite the mortgage stress being felt by the first time home buyer market, analysts say the
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Your First Mortgage- Buying your first home is an exciting moment, whether you’re buying a studio apartment for yourself or a house for your family there are fewer joys in life like using your new key to unlock the front door for the first time. People are buying their way into the home owner’s world at
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Home Loan Refinancing- There are several reasons why you may consider refinancing your home loan. Interest Rates May have Fallen Your credit score may have improved You may want to change to a different kind of mortgage Benefits of Refinancing your mortgage. Securing Lower Interest Rates The #1 reason most people decide to refinance is to lock
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Buying a home is a joyous and life-altering event that should not be taken lightly. That said, it is important to make sure you do not get in over your head when you buy a home, because the consequences can be devastating. You certainly do not want to end up losing your home simply because
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Editor’s Note: Although they sound alike, Private mortgage insurance (PMI) and mortgage protection insurance (MPI) are two entirely different types of insurance created for vastly different purposes. What is Mortgage Protection Insurance (MPI)? Mortgage protection insurance is essentially a life insurance policy designed to pay off your mortgage in the event of your death so
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Mortgage Insurance Premiums If you are buying a new home but don’t have a 20 percent down payment, your mortgage company will require that you have mortgage insurance. The major disadvantage of mortgage insurance is that you as the borrower pay the premiums but the benefits go to the lender. If a borrower defaults on a loan, mortgage insurance pays funds to
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Home equity is the difference between the amount you owe on your loan, and the amount your home is worth. Building equity is like saving, but without you having to do a thing. Your home increases in value without you have to do anything other than maintain it, and as long as you pay your
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Foreclosure Time Lengthens- What To Do? According to RealtyTrac® the leading online marketplace for foreclosure properties, foreclosures in April 2011 hit a 40 month low. There were 219,258 U.S. properties in April with default notices, scheduled auctions and bank repossessions. This is a 9 percent decrease from March and a 34 percent decrease from April
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If you have looked into wealth building strategies, you have undoubtedly stumbled upon the raging debate over prepaying one’s mortgage. Here is the objective scoop. Prepaying Your Mortgage – The Pros and Cons When paying a mortgage, one is in the unique and unfortunate position of having to pay a lot of interest over a
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It’s no wonder that the majority of homeowners dream of one day being able to pay off their home loan and live a life free from the shackles of interest rates, home finance and worries about meeting the monthly mortgage payments because the largest expense the majority of us take on in a lifetime is
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A “Low Doc” or sometimes called “Low Doc Home loan” are mortgage or home loans where documentation for verification of your income is not required. However, all other documentation is. These loans are ideally suited to self-employed, independent contractors, investors, credit rating impaired, ex-bankrupt or clients with arrears on current mortgages and borrowers who have
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