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What is a down payment

What Is a Down Payment?

The down payment on a home loan is the amount of cash that you are required to put down when obtaining a mortgage. It is a way for you to show that you have...

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What is pmi

What is PMI?

PMI, Private Mortgage Insurance, is often required by a mortgage lender if your down payment is less than 20% of the purchase price of the home. It is an...

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What is a loan servicer

What is a Loan Servicer?

The loan servicer is responsible for processing your monthly payments, paying the taxes on the property, paying the homeowner insurance policy and processes...

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What is apr

What is APR?

APR, which stands for annual percentage rate, refers to the interest rate for the life of the loan, rather than just a monthly fee/rate and includes any fees...

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What is a credit score

What Is A Credit Score?

A credit score is a numerical value based on a variety of factors that represent your creditworthiness. This numerical value then gets used as a guide by...

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What is a mortgage

What is a Mortgage?

A mortgage is a loan from a bank or lender to help you purchase a house. When you sign a mortgage note, you are agreeing to pay the lender a specific amount...

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Conventional home loans vs government loans

What are Mortgage Rates?

A mortgage rate is the percentage of interest charged by mortgage lenders on a house or condo purchase.. An interest rate is the price of borrowing money,...

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How much house can i afford

How Much House Can You Afford?

How much house you can afford is determined by the mortgage lender and is based upon a variety of financial factors. When you begin the mortgage process, you...

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What are discount points

What are Discount Points?

Discount Points, as expressed as a percentage of the loan, are a form of prepaid interest as fees the borrower pays the lender when the loan is closed....

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