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Many people make extra payments on their mortgage each year, in an effort to prepay their mortgage, or to pay it off before the end of the anticipated loan term. Prepaying your mortgage can save you thousands of dollars, and even small payments now can quickly add up to dramatically shorter total loan lengths.

There are several different ways you can prepay your mortgage loan:

* Paying bi-weekly instead of once a month

*  Making an extra payment at the end of the year

*  Rounding up your payment so you pay more than what’s due each month

*  Making an additional lump sum payment

*  Any combination of the above!

How much can I save by prepaying?

Since every loan is different, individual results will vary, but paying as little as

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When you apply for a mortgage, you will sign a lot of documents, but there are some that are more important than others. Here are the 3 most important mortgage documents you will sign:


The HUD Settlement Statement.

 The HUD Settlement Statement is the document that shows you and details the final versions of what costs you are paying on your home. This is an important document for you to sign because it means that you are approving these fees and agreeing to pay them. This is also an important document because you will be able to see whether or not the lender was able to stick to the GFE they provided you earlier.


The Promissory Note.

 The promissory note is the document that actually lays out the repayment terms of the loan and how

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Many people assume that they won’t qualify for a mortgage unless they have a minimum of 20% of the purchase price to put down in cash, have great credit, and have a lengthy and stable employment history. Although much of that is correct for conventional loans through private mortgage lenders, it is not necessarily true for loans backed by the federal government: FHA loans, which get their name because they are backed by and offered through the Federal Housing Authority, a federal governmental agency.

FHA mortgage loans can be a great option for young borrowers who are just starting out and have solid employment but not a lot of money saved up and sacked away for a home purchase. They are also a great option for an otherwise qualified home

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When we talk about purchasing insurance, it’s usually about purchasing coverage to protect ourselves against future unforeseen events. Health care crises, automobile accidents and the like. Sometimes, insurance coverage is required (like in the case of auto insurance and health insurance), and often it’s optional (like in the case of life insurance, disability insurance, etc.). But what about Private Mortgage Insurance, or PMI – is it coverage that protects homeowners, and is it optional to purchase?

What is PMI and how does it Work?

Unlike the examples above, PMI is private insurance on your mortgage, which you pay for, and which protects your mortgage lender in the event that you stop making your monthly payments. PMI premiums are generally

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 It’s no secret that the best mortgage rates and most favorable mortgage terms generally go to the prospective buyers with the highest credit scores – regardless of down payment amount. That means that if you’ve spent all your time building your down payment but not your credit score, you may run into more hurdles than you anticipated when you apply for a mortgage. The good news is that there is plenty you can do to boost your credit score before you apply for a mortgage. We’ve gathered the top 3 tips for how to boost your credit score here!

  1.  Pull your credit report and check for errors.

Did you know that you are legally entitled to receive one free copy of your credit report each year from the three major credit bureaus TransUnion, Equifax

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Buying your first home should be an exciting time – but it can also be a stressful time, especially if you are not prepared to purchase a home when you find one that you love and want to put an offer in on. In order to try to make the home buying process as smooth and stress-free as possible, we’ve compiled a list of Top 5 Tips for First-Time Homebuyers:

  1.  Determine what you can comfortably afford.

Mortgage lenders will determine how much they are willing to lend to you, based on your income, your assets and liabilities and your credit score. However, they may not take into account monthly expenses you have that don’t report to your credit bureau, such as daycare or private school tuition, and they don’t take into account savings goals you may

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Traditionally, part of the American dream was home ownership, and many adults worked towards that goal. Following the recent housing bubble, many people began to question whether buying a home was actually smarter than renting, with some advocating that home ownership came with lots of risks and few real rewards. That couldn’t be further from the truth, though! There are many advantages to buying your own home, and we’ve gathered up several of them below!

  1.       Tax breaks. It’s been said that the only guarantees in life are death and taxes – so why not get a break on how much you owe each year?! One of the major benefits of home ownership is the tax deductions you will be eligible to take. There are tax advantage and tax breaks whether you are a
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Adjustable rate mortgages can be risky! But, sometimes choosing an adjustable rate mortgage over a fixed mortgage can prove to be a solid economic choice. Still can’t decide? Here are the pros and cons of adjustable rate mortgages:
• Save a lot of money during the fixed-rate period (if you have a Hybrid ARM).
• Rates are still at a historic all-time low, which means that the changes won’t be dramatic.
• If you’re in the home for less than five years, you will end up saving a lot of money as long as there’s no prepayment penalty.
• Borrower caps will ensure you don’t pay rates that go above a certain amount.
• Your interest rates can drastically increase after the initial rate period, which means that your monthly payments can also increase. If you don’t…
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