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The Basics

How Do I Decide Who To Get A Mortgage From?

If you want to know who to get a mortgage from, you will need to be thorough as well as methodical. I suggest that you contact at least 5 or 6 lenders initially. Get their information. Find out everything you can about each of the lenders. “Build” informational folders on each on them so that you have the important information about each in one, central place. Fill out their informational forms online and provide your real contact information on the forms. Talk to their sales representatives when they contact you. If time is important, contact them first but fill out the online information forms before you do.  Doing so should reduce the amount of information that they ask you for if […]

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What are the Major Types of Home Loans?

There are several general types of loans in the US.  They are: Veterans Administration Home Loans – Some US Military Veterans can get a home loan guaranteed by the US Government. The VA Loan Guaranty Service is the organization within the Veterans Benefits Administration that has the responsibility of administering the home loan program.  These loans are made by approved, private lenders. They have lower interest and are easier to get. Federal Housing Administration Loans –  These are called FHA Loans.  FHA loan programs offer lower down payments and are a good option for first-time home buyers!  You must qualify for FHA loans.  They are oriented toward getting lower income families into affordable mortgages.  FHA loans are guaranteed by the […]

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How To Get A Home Loan

Leaning how to get a home loan the right way is really important.  Many people, especially first timers, just go to their local bank and then wonder why they have higher interest rates and payments than their friends. The reason is that they don’t go about gettiing a home mortgage the right way! Here’s the “how to get a home loan” process in a nutshell… … You get a home loan by selecting a finance company or bank that you want to borrow money from.  That company or bank is usually referred to as “the lender.”  You will be assigned a representative of the lender’s institution to handle your mortgage loan application. These representatives are generally called “loan officers” but the title can vary from […]

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What is a Mortgage Loan?

 Before I talk about “What is a Mortgage Loan,” I need to explain a thing called collateral.  You must understand collateral before you can “get a handle” on mortgage loans and how they work. There are basically two types of loans in use today.  The first is what most people might know as a “signature” loan. In a signature loan, you sign a loan contract and, based upon your promise to pay, the lender will give you money.  This is also called an “unsecured loan.”  In other words, there is nothing guaranteeing that the lender will get the money back other than your word. Typically, an unsecured loan carries a much higher interest rate than the second type of loan. […]

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