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Blog Entries in the category of 'Lending'

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Save Big With A Shorter Term Loan

Save Big With A Shorter Term Loan Loans with earlier payoffs, such as 15- or 20-year loans, can often result in lower interest rates because they carry less risk for lenders.  The chart illustrates the interest rate savings on a mortgage with a current loan balance of $250,000.  While mortgage…

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Tips for Borrowers during Loan Processing

During the processing of your loan there are certain things to keep in mind that may affect the outcome of your loan request.  Credit, income, and assets are re-verified after you have signed your initial loan application documents and many times continues until the loan is funded. Your loan could…

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Homebuyer Tax Credit

Q:  Must the new house cost more than the old house? A:  No. For example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit. Q:  How is the amount of the tax credit determined? A:…

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Harder to Get an Uncle Sam Mortgage

Rising defaults on loans insured by the Federal Housing Administration (FHA) have led the agency to impose future policy changes to its home loan program.  The FHA provides mortgage insurance on loans made by FHA-approved lenders.  Borrowers must meet certain requirements established by the FHA to qualify for the insurance,…

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New FHA Guidelines

Federal Housing Administration (FHA) Commissioner David Stevens has announced changes to the government insured loan guidelines today.  These changes will go into effect late spring/early summer. In summary: 1. The Mortgage Insurance Premium (MIP) will increase from 1.75% to 2.25%.  Buyers will still be able to finance these fees. 2.…

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