The reverse mortgage is a financial option that has been around for decades, but relatively few people ever use them. However, the truth is, many people in their sixties and older end up with a majority of their wealth tied up in their home, while ...
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Why You Should Consider a 203k Mortgage When Buying a Fixer-Upper
Purchasing a home that requires repairs and renovations can seem impractical. Generally, lenders don't allow homeowners to purchase the property until after repairs are completed; however, an FHA 203k loan allows property owners to roll home ...
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5 Pointers to Help You Pick the Right Home Loan
Home loans are the only way that most people around the world today can afford to buy homes. This is especially true for real estate in expensive locales from San Francisco to New York -- and even homes in a city like Mumbai.
With the high prices ...
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The Benefits of Taking a Reverse Mortgage Now vs. Later
There isn't a right or wrong time to get a reverse mortgage but, depending on your personal retirement goals, the earlier you choose to get a reverse mortgage, the greater the potential gain may be down the road.
Reverse mortgages allow homeowners ...
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The Single Parent’s Guide To Buying the Right Home
Single parents can have a rough time getting a home loan, but moving out of a smaller dwelling into a larger one can be vital to keep the family happy and give everyone the space they need.
All around the web there are stories of parents, ...
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How to Be Smart When Selling Your Mortgage Note
So you've decided to sell your mortgage note. If you have never sold a mortgage note before, it can be difficult to know where to start.
A mortgage note is a document that is signed at the closing of a mortgage that obligates the homebuyer to ...
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How Do I Get Prequalified for a Mortgage?
Readers: This is article 24 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
The difference between being prequalified or preapproved for a home loan can be a critical factor in determining whether or not you'll get the home of ...
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How Do I Get Preapproved for a Mortgage?
Readers: This is the final article in my 25-part no-nonsense "Mortgage Basics" quick-reference series. I hope you found the series to be informative.
The difference between being prequalified or preapproved for a home loan can be a critical factor ...
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Is It Better to Be Prequalified or Preapproved for a Mortgage?
Readers: This is article 23 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
The difference between being prequalified or preapproved for a home loan can be a critical factor in determining whether or not you'll get the home of ...
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What Is a Subprime Mortgage?
Readers: This is article 22 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
Subprime mortgages are designed for homebuyers with poor or limited credit histories -- typically, anyone with a credit score less than 620. They're ...
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Is Mortgage Interest Tax Deductible?
Readers: This is article 21 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
Homeowners who choose to itemize can deduct interest from their income taxes on as much as $1 million in mortgage debt and up to $100,000 of home ...
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What Is a Mortgage Broker (and Is One Right for You)?
Readers: This is article 20 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
A mortgage broker is an independent middleman who finds potential customers for mortgage lenders. The mortgage broker's job is to collect all of the ...
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How Can I Get a Mortgage If I Have Bad Credit?
Readers: This is article 19 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
Finding a mortgage when you have a bad credit score is not impossible -- but it usually requires the borrower to make a few concessions, such as paying ...
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Should I Pay Off My Mortgage Early?
Readers: This is article 18 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
The decision to pay off the mortgage early is always a hotly debated topic. Unfortunately, because everybody's circumstances are different, there is no ...
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How Do I Refinance a Mortgage?
Readers: This is article 17 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
There is very little difference between getting a mortgage and refinancing it; in fact, the processes are virtually identical.
If you've decided ...
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How Does the Homebuying Process Work?
Readers: This is article 16 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
Purchasing a house can seem like a daunting task -- especially if you're doing it for the first time. Thankfully, the home buying process can be boiled ...
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5 Reasons Why Refinancing a Mortgage Makes Sense (and 3 That Don’t)
Readers: This is article 15 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
There are several good reasons for homebuyers to consider refinancing. Here are a few of the most common ones:
Home equity access. Homeowners who ...
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What Is Mortgage Refinancing and Why Should I Consider It?
Readers: This is article 14 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
When you refinance your mortgage, you typically pay off the existing loan and create a new one. However, if you have a primary and secondary mortgage, ...
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What’s the Lowest Mortgage Down Payment I Can Get Away With?
Readers: This is article 13 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
Many people mistakenly believe a 20% down payment is required for conventional home loans, but the reality is that's only true for homebuyers who want ...
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How Do I Determine the Biggest Monthly Payment That I Can Afford?
Readers: This is article 12 of 25 from my no-nonsense "Mortgage Basics" quick-reference series.
There are two basic methods for determining how much house you can reasonably afford:
Calculate Your Budget Using a Debt-to-Loan Ratio
Mortgage ...
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