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Reverse Mortgage Fees

Closing Costs The three largest closing costs are the FHA mortgage insurance, the origination fee, and escrow fees. However, the only cost that is typically paid out of pocket is counseling. FHA Upfront Mortgage Insurance Premium (UFMIP) One of the requirements for FHA insurance is

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THIS JUST IN

REVERSE MORTGAGE FACTS Common Reverse Mortgage Myths & Misconceptions If you’re a homeowner or homebuyer age 55 or older, reverse mortgage solutions can help you enjoy greater financial flexibility — whether you’re in retirement or still working. reverse mortgage myths and misconceptions are all too

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The Ins and Outs of Seller and Buyer Credits

Buyers find out very early in the home-buying process that the cost of buying a home goes far beyond just the purchase price of the home. Lender fees, appraisal costs and title fees quickly add up for a buyer. To help surmount these closing costs,

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Save Money by Restructuring Your Mortgage

The cost of having a mortgage is the interest you pay on the principal over the life of the loan. If you are current on your mortgage, restructuring your loan can potentially save you thousands of dollars in mortgage interest. An easy way to reduce

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Navigating Mortgages for Self-Employed Buyers

When your buyers are self-employed and want to buy a home, they will go through the same qualifying process as everyone else, with a few exceptions. Lenders will be evaluating their credit scores, amount of debt, and assets and income. Your self-employed buyers will need

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How to Ensure Your Mortgage Will Be Approved

In these days of ever-watchful lenders, you, as a consumer, can put yourself in the best possible position to be approved for a mortgage by taking a few simple common-sense steps before you start your home search. The first step is ensuring you are paying

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Here’s How Your Credit Score Is Calculated

Your credit score is the most important factor in determining if you qualify for a loan. It is also crucial in shaping the terms of your loan. A credit score is a three-digit number that a lender uses to decide how trustworthy you are when

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Myths of Reverse Mortgages

There are 8 common myths about reverse mortgages: Lenders are not in the business of owning homes — they wish to make loans and earn interest. The homeowner keeps the title to the home in their name. What the lender does is add a lien

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How to Win Big in Today’s Economy

The altered economic landscape presents innovative and nimble businesses with opportunities for capturing the attention of new groups of customers and discovering more efficient methods of operation. By achieving these goals now, businesses are able not only to survive the present but to thrive when

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Is Title Insurance Necessary for a Home Purchase?

A home purchase is one of the biggest investments you can make so adding a layer of protection against property ownership issues makes sense. That’s where title insurance comes in. As a quick refresher, a “title” serves as proof that you are the owner with

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How To Spot A Reverse Mortgage Scam

Reverse mortgages have helped countless senior homeowners convert a portion of their home equity into much-needed cash to provide added income during retirement. This type of loan offers many advantages for seniors, and it’s no surprise that many have been applying in recent years. If

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How To Deduct Mortgage Interest From Your Taxes

Did you know that owning property has tax incentives as a “mortgage interest deduction?” This article will outline what a mortgage interest deduction is, its limits, and how to include this deduction in your taxes. What counts as a “Mortgage Interest Deduction”? The mortgage interest

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“How Much Money Do I Need to Buy My First Home?”

Buying a home is one of the most important decisions you can make. Plus, considering current low mortgage rates, homeownership has never been more appealing and affordable. In this article, we’ll break down how much you need to purchase a new home before the year

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How Does APR Work In A Mortgage Payment?

When you shop around for a loan, you may encounter the term APR or annual percentage rate. Some people think that interest rates and APRs are the same, but in reality, there are subtle differences between the two. This article will explain what an APR

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