What is private mortgage insurance?
What is private mortgage insurance? Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if […]
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Where can I get money for a down payment on a home mortgage?
Where can I get money for a down payment on a home mortgage? It depends on your situation. If you don’t have cash for a […]
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What’s the difference between a prequalification letter and a preapproval l...
What’s the difference between a prequalification letter and a preapproval letter? Prequalification and preapproval both refer to a letter from a lender that specifies how […]
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Do I have to borrow as much as I am prequalified, preapproved, or approved ...
Do I have to borrow as much as I am prequalified, preapproved, or approved for? No. You may choose to borrow less.
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Where can I get a mortgage?
Where can I get a mortgage? You can get a mortgage from a wide variety of lenders, including commercial banks, thrift institutions, mortgage loan companies, […]
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What is the difference between a mortgage broker and a mortgage lender?
What is the difference between a mortgage broker and a mortgage lender? A lender is a financial institution that makes loans directly to you. A […]
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What is the difference between a mortgage interest rate and an APR?
What is the difference between a mortgage interest rate and an APR? An annual percentage rate (APR) reflects the mortgage interest rate plus other charges. […]
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What are (discount) points and lender credits and how do they work?
What are (discount) points and lender credits and how do they work? Generally, points and lender credits let you make tradeoffs in how you pay […]
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What is an escrow or impound account?
What is an escrow or impound account? An escrow account, sometimes called an impound account depending on where you live, is set up by your […]
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Is there such a thing as a no-cost or no-closing loan or refinancing?
Is there such a thing as a no-cost or no-closing loan or refinancing? Yes, some lenders or mortgage brokers may offer you a loan that […]
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