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How can I find the best mortgage rate for me?
Understanding Mortgage Rates Mortgage rates are a crucial factor when purchasing a home. They directly impact your monthly payments and overall cost of borrowing. Steps to Compare Mortgage Rates Research Different Lenders: Start by identifying various types of lenders including banks, credit unions, and mortgage brokers. Each may offer different rates and... ↪ read more...How long is the term of an FHA mortgage?
FHA Loan Terms and Their Implications An FHA (Federal Housing Administration) loan is a popular choice for first-time homebuyers and those with lower credit scores. One key aspect of an FHA loan is the term, which refers to how long you have to repay the loan. The standard terms for FHA loans are 15 and 30 years. Understanding the 30-Year Term The most... ↪ read more...What happens if I cannot repay a jumbo loan?
Jumbo Loans Explained A Jumbo Loan, also known as a non-conforming mortgage, is a type of financing that exceeds the conventional loan limits set by the Federal Housing Finance Agency (FHFA). In the United States, these limits are updated annually and vary by county based on median home prices. As of 2021, for single-family homes, the baseline loan limit in... ↪ read more...Can a mortgage broker find a jumbo loan?
Understanding Jumbo Loans and Mortgage Brokers A jumbo loan is a type of financing used for real estate purchases where the amount being borrowed exceeds conventional loan limits set by Fannie Mae and Freddie Mac. These limits vary by location but typically cap out at around $647,200 as of 2023 for single-family homes in the continental U.S. Role of a... ↪ read more...How does bad credit affect mortgage approval?
Understanding Mortgage Eligibility Based on Credit Scores A critical factor in obtaining a mortgage in the United States is your credit score. Lenders use this three-digit number to assess the risk of lending money to you, and it plays a significant role in determining the interest rate and terms of your loan. What Is Considered a Good Credit Score for a... ↪ read more...How do I remove PMI from my mortgage?
Understanding Private Mortgage Insurance (PMI) Private Mortgage Insurance (PMI) is a type of insurance that protects lenders against loss in case a borrower defaults on their mortgage. It's typically required for borrowers who put down less than 20% of the home's purchase price. When Does PMI Automatically Get Removed? The rules governing when PMI can be... ↪ read more...All articles (Blog)