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Applying For A Loan

The FHA Loan Process

Applying for an FHA loan is pretty much the same no matter which mortgage lenders you approach for the loan. It’s important to remembered that the FHA itself does not actually give the loan to you. Rather, what they do is to insure the loan.

But, because they are on the hook for the money that you borrow if you fail to pay back the loan, they are involved in the entire loan process; including an inspection of the property which you are buying to make sure that the property you are attempting to buy with an FHA loan meets their construction and repair standards.

Getting an FHA loan is a four step process…

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Predatory & Opportunistic Lending Practices – Watch Out, You May Be The Next Victim

There is a mortgage lending practice that I call “Opportunistic Lending Practices” which some people might think of as  “Predatory Lending Practices”  that you need to be aware of.  Many borrowers fall victim to these practices, especially during times of “easy money.” Now, before I go any further, I need to point out, like I said above, that there are actually two different types of these Opportunistic Lending Practices.  For the purposes of this article, I’m going to call the non-Predatory Lending Practices portion of Opportunistic Lending Practices simply “opportunistic lending.” And, I also need to mention that I am not a lawyer or any other type of legal professional.  Check with your legal professional if you think you might […]

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Choosing The Top Mortgage Lenders For You

After you have investigated the different lenders (see the articles available on the “The Basics” menu option), it is time to choose the top mortgage lenders for you to get your mortgage from.  Here are the steps that we suggest: Figure how long you expect to occupy your new home.  This is a really important question because your payment size and your interest rate will be determined, at least in part, by the length of your loan and the type of loan that you apply for. Determine what type of loan you wish to get. Remember that an ARM (Adjustable Rate Mortgage) will periodically change interest rates which will also affect your payments and the amount of interest that you […]

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