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Can PiggyBack Mortgage Save Your Money?

Avoid Paying for Private Mortgage Insurance Having two mortgages is sometimes a better option than having only one. A second mortgage that is called PiggyBack Mortgage can help you avoid paying for Private Mortgage Insurance or PMI that is needed to protect the lender of the loan when you do [...]
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Balance Transfer Credit Cards

How High Credit Card Balances Can Seriously Wreck Your Credit Scores If you have high balances on your credit cards, you could be doing serious damage to your scores even if every payment is made on time without fail. Credit utilization is a very important component of how credit scores [...]
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My Credit Scores

How Can I Improve My Credit Scores and Get the Best Possible Mortgage Deal? Your credit scores are one of the most important factors that impact the interest rate and closing costs you’ll pay for a mortgage. Mortgage lenders consider your scores to be highly predictive of the likelihood you’ll [...]
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Fixed Rate or Adjustable Rate

Which is Better, a Fixed-Rate or Adjustable-Rate Mortgage? Which is the better mortgage, a fixed-rate or an adjustable-rate mortgage (ARM)? Well, that depends on your goals for the loan and your tolerance for potential interest rate increases in the future. The advantage of an ARM is that the interest rate [...]
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Loan Comparison Calculator

What is APR? APR, or annual percentage rate, attempts to show the total cost of credit for a mortgage loan by combining the interest rate and closing costs into a single percentage rate. The intent behind APR is to make comparing loan offers much easier, but it’s often misleading at [...]
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Loan Level Price Adjustments

LLPAs: How Loan Level Price Adjustments Impact the Cost of a Mortgage Loan-level price adjustments, or LLPAs, are something most borrowers are completely aware of, but they directly impact the rate and fees you pay for a mortgage. If you’re planning to refinance your mortgage or buy a home, it’s [...]
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Mortgage Points Calculator

What Are Discount Points? If you’ve ever applied for a mortgage, you’ve probably heard the term “discount points”, but you may not be familiar with what they are. Discount points are basically extra fees paid at closing in exchange for a lower interest rate over the life of the mortgage. [...]
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Outstanding Principal Balance

The outstanding loan balance of a mortgage is simply the total amount of money it would take to pay off the loan in full. How much this amount is depends on how much was originally borrowed, how much has been paid down, and what the annual interest rate is. Loan [...]
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Mortgage Based on Income

One of the Most Important Qualifying Factors When Purchasing a Home Your income is one of your most important qualifications when it comes to getting a mortgage to buy a home.Lenders usually like to get their money back, so they want to make sure you have adequate income to keep [...]