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The Basics

Your Professional Mortgage Loan Acquisition Team

There are several individuals and/or companies that you will definitely need on your professional mortgage acquisition team.  They are: A professional real estate agent; A lawyer; A title company; A closing company (if the title company doesn’t handle the function in your state); Your mortgage company; and, finally, You. Real Estate Agent The real estate agent may or may not cost you anything directly.  But it depends upon the situation.  Your real estate agent will help you find the homes in the area where you want to live based upon what you want. The real estate agent will also help get into a home that you can afford. Lawyer The lawyer will definitely cost you money out of pocket.  But, […]

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The Advantages of Fixed-Rate Mortgages

The mainstay of the mortgage markets has always been fixed-rate mortgages.  In a nutshell, a fixed-rate mortgage is a mortgage loan which has the same interest rate for the entire term of the loan.  This has a very nice effect for the mortgagee (the person borrowing the money) which is that the Principle and Interest (P & I) portion of their monthly payment stays the same through the years. The other things in the monthly payment such as insurance, taxes, some processing fees, etc. may change but the P & I will always be the same; or at least within a few cents if calculation rounding issues are involved.  This fact produces both advantages and disadvantages for the person borrowing […]

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An ARM And A Leg?

This article is about a kind of mortgage called an “ARM” which is an acronym for the phrase “Adjustable Rate Mortgage.”  This kind of mortgage is quite popular because you can generally get an ARM at a cheaper interest rate than the prevailing fixed-rate  mortgage interest rate. And, when the interest rate is lower, you get a lower payment for a given mortgage loan term.  And that, of course, means a better quality home in a better neighborhood and better schools, etc. Give that fact, you might be wondering why  I named this page “An Arm and a Leg.” I did that because an ARM mortgage is somewhat like a genie. With the genies of legend you may get 3 […]

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How Much Will Each Mortgage Payment Be?

The amount that you will need to give back to the lender in each payment that you make on the loan is figured out based upon the interest rate of the loan, the term of the loan and how often you will need to make a payment and whether it is a fixed-rate loan or an interest-only loan. Most of the time, payments have 4 parts: The principle amount – this is the amount that comes off of the actual amount that you borrowed, without any fees or interest figured in. The Interest Amount – This is the amount that you pay the lender for use of the money that you are borrowing. The Escrow Amount – This is the […]

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What About Fannie Mae, Ginnie Mae and Freddie Mac?

Many people have heard the names Fannie Mae, Ginnie Mae and maybe even Freddie Mac.  If you are anything like me you’ve heard of them but really don’t know what they are.  I’d like to help to clear that up for you. First, they do not write or give mortgage loans. All three deal in what are called the “secondary” markets.  What they do is quite different. Fannie Mae Fannie Mae is in the business of making sure there is money available to lenders to loan to individuals who want to get a mortgage loan to buy a home or other property.  They are a not actually a part of the United States  government. Fannie Mae was first set up […]

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