Tag: <span>#Borrower</span>

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NO MATTER NEAR, OR FAR

Signing the loan documents at closing does not necessitate you being available in person. Maybe you had prior engagements that cannot be cancelled, or you’ll be out of town, you can designate someone to sign on your behalf. A power of attorney is a document that allows you to appoint someone to sign the paperwork...

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INTERESTING LOAN PRODUCTS

A very interesting loan product that can help monthly positive cash-flow consumers pay-off their mortgage sooner is the All-In-One. You don’t hear of this product much in the U.S., but similar products have been offered in Western Europe, Canada, New Zealand and Australia. It is called All-In-One because it combines both a home loan and...

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APPLICATION QUALIFICATIONS FOR A MORTGAGE LOAN

An adult, pursuant to that state’s laws, can apply for a for a mortgage loan. According to Fannie Mae, “borrowers who are natural persons and have reached the age at which the mortgage note can be enforced in the jurisdiction where the property is located” can apply; there is no maximum age limit for a...

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INVESTING: STOCK MARKET OR RENTAL PROPERTY?

Let’s compare the two:  The nice thing about stocks is that you simply invest your money in a fund and sit back and watch it, hopefully, grow. Obviously, it is not this easy, as a lot of homework needs to be done up front to make sure you are placing your funds in the right...

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LOAN AMORTIZATION: WHAT DOES THIS MEAN?

Mortgage loans are typically amortized over 30 years. What does this mean? A borrower will pay a combination of principal and interest payments over a 30 year term. The interest is front loaded, so for approximately the first ½ of the loan term, the borrower is paying more interest than principal. Loans typically do not...

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MORTGAGE INSURANCE – WHO PAYS?

  Private mortgage insurance is added to the monthly payment of a conventional loan if you put less than 20% down on the purchase of a new home, or have less than 20% equity on the refinance of your home. The amount to be paid will depend on your credit score, the amount of down...