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Category: Conventional

What’s the difference between PMI and MIP, and what is Homeowner’s Insurance then?

The distinction – between PMI, MIP, & Homeowner’s Insurance- is one that many homebuyers- particularly first-time borrowers- have a lot of questions about. Hopefully, this article answers those basic questions, and if you have more in-depth questions, please contact us to help assist you further. This overview should help with the generalities.   By Yvonne…
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FHA is not the only option for a low down payment

Did you know that Fannie Mae and Freddie Mac both offer competitive low money down products as well?  FHA is not your only option to get into a new home with less than 5% down. Down payment as low as 3%, even for first-time buyers Typically faster, easier and with a lower monthly payment than…
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What does LTV mean?

Loan-to-Value An acronym often encountered in the home buying or refinancing process, LTV describes loan amount as a percentage of the purchase price or value of property. For example, an $80,000 loan on a $100,000 property equals an 80% LTV. You can also think of LTV as the inverse of your down payment. If you…
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SELLER CONCESSIONS : WHAT ARE THEY AND SHOULD YOU ASK FOR THEM WHEN PURCHASING A HOME?

SELLER CONCESSIONS WHAT ARE THEY AND SHOULD YOU ASK FOR THEM WHEN PURCHASING A HOME? The whole mortgage process can have many components.  I’m going to address the closing costs area first.  Closing costs are fees associated with your home purchase that are paid at the transfer of the property from seller to buyer.  Some…
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MORTGAGE LINGO

Learning the ABC’s of mortgage terminology Before tackling the mortgage process for the 1st time or the 5th time, understanding the mortgage language will help in the steps of your home purchase journey. Adjustable Rate Mortgage (ARM): A mortgage that will have an initial fixed rate for a set period of time and then the…
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20% Down Myth Debunked

There is a general consensus that you have to put 20% down to buy a home. Well, I’m here to debunk that myth.  The 20% down was a need many years ago, which led to the remnants of the thought that still echoes today. The truth is, you don’t need to have 20% to put…
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Thinking of Refinancing? Consider Making a Switch to Conventional

If you currently have an FHA loan, you may find that refinancing into a conventional mortgage may be a great choice to save money.  Conventional loans can offer lower interest rates than comparable FHA loans.  By refinancing into a conventional mortgage, you may be able to reduce both your monthly housing expenses and the total…
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