30-Year Vs. 15-Year Fixed
The 30-year fixed vs. 15-year fixed mortgage debate has been going on for decades! Every homeowner wants a low mortgage payment, and every homeowner wants to pay off their mortgage as fast as they can; however, combining the two to
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Debt-To-Income Ratio
The debt-to-income ratio is a calculation performed by the person underwriting your home loan application. It compares the total amount of your monthly debt payments divided by the total amount of your monthly income. The comparison enables the underwriter to
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Subordination Explained
A mortgage subordination is when a lien holder of a fixed-rate second mortgage or a Home Equity Line of Credit (HELOC) agrees to remain in a “second position” on your property title while a new first mortgage is put in
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No-Cost Mortgage Rates
A no-cost mortgage rate is when your home loan lender covers all the closing costs (lender, third party, and recording costs) associated with your mortgage in exchange for a higher mortgage rate. All things being equal, a mortgage rate without
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Automated Valuation Method
Millions of people buy a home or refinance their current mortgages every year. Traditionally, someone applying for a mortgage obtains an appraisal from a licensed appraiser before their loan application is approved by an underwriter. The appraiser’s report gives an
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Ten Questions To Ask Your Loan Officer
There are ten important questions to ask your loan officer when you’re looking to obtain a new mortgage to purchase a home or refinance a current mortgage. Asking the right questions is the best way to ensure you obtain a low
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Top Ten Mistakes When Obtaining An Equity Line Of Credit
Below is a list of top ten Mistakes when obtaining an equity line. 1. Not Checking To See If You Have A Pre-Payment Penalty Clause If you are getting a “NO FEE” credit line, chances are it has a pre-payment
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Nationwide Multistate Licensing System
The Nationwide Multistate Licensing System, or NMLS, was created as the official and legal records system for non-depository, financial services licensing or registration in specific state agencies. Non-depository institutions are pension funds, mutual funds, finance companies, and insurance companies. States
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Top Five Benefits Of An FHA Mortgage
Whether buying a home or refinancing a current home loan, an FHA mortgage is one option you should consider. Why? There are significant benefits associated with an FHA mortgage, especially if your loan amount meets the FHA loan limit guidelines.
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FHA Refinance Process
How do I refinance my FHA mortgage is one of the most common questions we hear from clients and potential loan applicants. Refinancing an FHA home loan is a quick and easy step-by-step process that can usually be completed in
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