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Len Penzo dot Com

The offbeat personal finance blog for responsible people.

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What Is a Fixed Rate Mortgage?

By Len Penzo

A fixed-rate mortgage is a home loan that uses the property being purchased as collateral. However, unlike an ARM where the interest rate is subject to change on a periodic basis, the interest rate on this type of mortgage remains the same over the ...

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June 27, 2024

What is an ARM Loan?

By Len Penzo

An adjustable rate mortgage, otherwise known as an ARM mortgage, is a home loan that uses the property being purchased as collateral. Unlike a fixed-rate mortgage where the interest rate never changes, an adjustable rate mortgage has a fixed rate for ...

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June 13, 2024

What are Mortgage Points?

By Len Penzo

Mortgage points -- commonly referred to as simply "points" -- are the fee that a borrower pays to the lender for a lower interest rate; one point equals 1% of the loan amount. Points are also tax deductible. Homebuyers can typically reduce their ...

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May 30, 2024

How Do Mortgage Fees Work?

By Len Penzo

The mechanics behind how mortgage fees work are really quite simple. Mortgage fees are service charges that the lender imposes on a borrower to process the loan. When you apply for a loan, the lender is required to give you a document known as a Good ...

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May 16, 2024

What Is a Mortgage?

By Len Penzo

In the simplest terms, a mortgage is a home loan that uses the property being purchased as collateral. If the homebuyer ever fails to make payments, the lender can foreclose on the secured real estate in order to recover the mortgage debt. All ...

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May 2, 2024

Reverse Mortgage Pros and Cons That Every Homeowner Needs to Know

By Anum Yoon

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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August 23, 2022

Why You Should Consider a 203k Mortgage When Buying a Fixer-Upper

By Sabado Domingo

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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June 22, 2022

5 Pointers to Help You Pick the Right Home Loan

By Enero Febrero

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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May 4, 2022

The Benefits of Taking a Reverse Mortgage Now vs. Later

By Tex Freitag

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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November 24, 2021

The Single Parent’s Guide To Buying the Right Home

By Corazon Gritar

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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May 5, 2021

How to Be Smart When Selling Your Mortgage Note

By Enero Febrero

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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September 13, 2019

Is It Better to Be Prequalified or Preapproved for a Mortgage?

By Len Penzo

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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October 27, 2016

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