Your Mortgage
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Easy-Qualifier Loans
- "No-doc" loans are mortgages for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more.
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Parent Gifts & Loans
- Having generous parents is nothing to hide. An estimated one-third of first-time buyers purchase their home with a loan or a money gift from their parents.
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Credit
-There are numerous types of credit report problems that would cause a lender to reject your application for a loan.
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Lease Options
-When a renter signs a lease with an option to purchase the property for a specific price within a certain time frame, that is called a lease option.
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Negative Amortization
-Negative amortization occurs when the monthly payments on a loan are insufficient to pay the interest accruing on the principal balance.
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No Money Down
-Though some real estate experts advise against it, home buyers interested in buying a house with nothing down can do so.
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Refinancing
-The traditional answer to that question is when interest rates fall 2 percent below your current mortgage interest rate.
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Appraisals & Market Value
-An appraisal is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and construction quality.
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Low Cost Loans
-In many states,real estate regulatory agencies are cracking down on such advertising.
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Private Mortgage Insurance
-Private mortgage insurance, or PMI, insures the lender against a default.
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Prepayment
-Some people set on paying off their home loan early and reducing interest charges opt for a biweekly mortgage.
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Veterans Administration
-Veterans Administration loans, which are available to veterans and military personnel, are attractive because the buyer is not required to make a down payment.
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Federal Housing Administration
-The U.S. Department of Housing and Urban Development offers a variety of loan insurance programs through the Federal Housing Administration which require approximately 3 to 5 percent cash down.
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Lock-Ins
-Locking in a mortgage rate with a lender is one way to ensure that same rate still will be available when you need it.
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Low Down Loans
-A host of private lenders offer low-down-payment loans.
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Alternative Loans
-A host of private lenders offer low-down-payment loans.
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Whom to Contact (Home Loan Options)
-For information on how to find the best home loan, check out this booklet: "How to Shop for a Mortgage," by the Mortgage Bankers Association of America, 1125 15th St., N.W., Washington, DC 20005; call (202) 861-6500.
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Whom to Contact (Qualifying)
-For information about housing discrimination, call the U.S. Department of Justice at (202) 514-2000, 950 Pennsylvania Ave., NW DC 20530 or your local U.S. Department of Housing and Urban Development office.
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Fannie Mae
-The Community Home Buyers loan program is sponsored by the Federal National Mortgage Association, commonly referred to as Fannie Mae, and administered through participating direct lenders.
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Whom to Contact (Government Loan Programs)
-The following regulatory bodies oversee lenders:
* Comptroller of the Currency, Compliance Division, Washington, D.C., (800) 613-6743.
* Office of Thrift Supervision, Consumer Affairs, Washington, D.C., (202) 906-6237.
* Federal Deposit Insurance Corp., Consumer Affairs, Washington, D.C., (800) 934-3342.
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Mortgage Credit Certificates
-The Mortgage Credit Certificate program allows first-time home buyers to take advantage of a special federal income tax credit.
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State Programs
-Most states have a housing finance agency, usually located in the state capital, which offers help for first-time home buyers.
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15, 30, & 40 Year Loans
-The difference in payments and overall savings between a 15-year fixed-rate loan and a 30-year fixed-rate loan depends on the interest rate and the loan amount.
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Bankruptcies & Foreclosures
-The difference in payments and overall savings between a 15-year fixed-rate loan and a 30-year fixed-rate loan depends on the interest rate and the loan amount.
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All Cash
-The difference in payments and overall savings between a 15-year fixed-rate loan and a 30-year fixed-rate loan depends on the interest rate and the loan amount.
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Whom to Contact (Other Mortgage Considerations)
-The following regulatory bodies oversee lenders:
* Comptroller of the Currency, Compliance Division, Washington, D.C., (800) 613-6743.
* Office of Thrift Supervision, Consumer Affairs, Washington, D.C., (202) 906-6237.
* Federal Deposit Insurance Corp., Consumer Affairs, Washington, D.C., (800) 934-3342.
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Reversed Annuity Mortgages
-A reverse mortgage is a special type of loan available only to equity-rich, older homeowners.
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Assumable Loans
-A reverse mortgage is a special type of loan available only to equity-rich, older homeowners.
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Fixer-Upper Loans
-The U.S. Department of Housing and Urban Development's Section 203 (K) rehabilitation loan program is designed to facilitate major structural rehabilitation of houses with one to four units that are more than one year old.
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Interest Rates
-No one knows for sure where rates are headed. Beyond public policies put in place by the Federal Reserve Board, there are no laws that govern mortgage rates.
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Prequalifying and Preapproval
-Knowing what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have.
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Seller Financing
-Seller financing offers benefits to both buyers and sellers including tax breaks for the seller as well as offering an alternative when conventional loans can't be found.
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