How does paying down a mortgage work?
How does paying down a mortgage work? The amount you borrow with your mortgage is known as the principal. Each month, part of your monthly […]
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Are condo/co-op fees or homeowners’ association dues included in my monthly...
Are condo/co-op fees or homeowners’ association dues included in my monthly mortgage payment? Usually not. Condo/co-op fees or homeowners’ association dues are usually paid directly […]
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If I am considering an adjustable-rate mortgage (ARM), what should I look o...
If I am considering an adjustable-rate mortgage (ARM), what should I look out for in the fine print? If you are considering an ARM, make […]
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For an adjustable-rate mortgage (ARM), what are the index and margin, and h...
For an adjustable-rate mortgage (ARM), what are the index and margin, and how do they work? For an adjustable-rate mortgage, the index is a benchmark […]
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With an adjustable-rate mortgage (ARM), what are rate caps and how do they ...
With an adjustable-rate mortgage (ARM), what are rate caps and how do they work? Adjustable-rate mortgages (ARMs) typically include several kinds of caps that control […]
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What is mortgage insurance and how does it work?
What is mortgage insurance and how does it work? Mortgage insurance lowers the risk to the lender of making a loan to you, so you […]
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What is a prepayment penalty?
What is a prepayment penalty? A prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage […]
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How do mortgage lenders calculate monthly payments?
How do mortgage lenders calculate monthly payments? For most mortgages, lenders calculate your principal and interest payment using a standard mathematical formula and the terms […]
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What information do I have to provide a lender in order to receive a Loan E...
What information do I have to provide a lender in order to receive a Loan Estimate? Since October 3, 2015, loan officers are required to […]
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What is a Loan Estimate?
What is a Loan Estimate? A Loan Estimate is a three-page form that you receive after applying for a mortgage. The Loan Estimate tells you […]
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