Cancellation of Private Mortgage Insurance: Federal Law May Save You Hundreds of Dollars Each Year
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If you put less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998 - which became effective in 1999 - establishes rules for automatic termination and borrower cancellation of PMI on home mortgages. These protections apply to certain home mortgages signed on or after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. These protections do not apply to government-insured FHA or VA loans or to loans with lender-paid PMI.
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Avoiding Home Equity Scams
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You could lose your home and your money if you borrow from unscrupulous lenders who offer you a high-cost loan based on the equity you have in your home. Certain lenders target homeowners who are elderly or who have low incomes or credit problems?and then try to take advantage of them by using deceptive practices. The Federal Trade Commission cautions all homeowners to be on the lookout for:
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Mortgages - Some Tips for the Borrower
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Mortgages can sometimes be intimidating, especially for the first-time borrower. They have their own language and procedures that can seem complicated at times. Here are a few definitions and tips to familiarize yourself with mortgages and their ins and outs.
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Mortgages - Glossary of Terms
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Adjustable-rate loans, also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates rise, generally so do your loan payments; and when interest rates fall, your monthly payments may be lowered
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Looking for the Best Mortgage
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Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage?whether it's a home purchase, a refinancing, or a home equity loan?is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
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Mortgages - Solutions
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Choosing a mortgage depends on your wants and needs. Regardless of your reason for refinancing -- be it to lower monthly payments or build equity faster -- you should contact several mortgage lenders. Start with your original lender and then contact several more to compare mortgage types, rates, and terms. Lenders will likely vary in their costs and fees. Our Find a Lender Search tool helps you locate a Fannie Mae-approved lender in your area, so you can learn more about the variety of Fannie Mae mortgage products that help you refinance your mortgage
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Fitting That New (Used) Car Into Your Budget
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(ARA) - It’s been said that buying a car is the second biggest investment anyone will make in his or her lifetime. But those who try stretching their budget to afford that car can turn the investment into one big headache. Before setting out on the journey for your new ride, it’s best to know the limits of what you can afford and stick to them. Simple research and cost management can help you avoid problems from the get-go.
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What Every Consumer Should Know About Credit Scores
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(ARA) - If you’ve ever applied for a loan, from a mortgage to a credit card, you’ve probably heard the term “credit score.” You may even know that credit scoring is a way for lenders to evaluate a person’s credit worthiness using a mathematical formula. But you may still have questions on what information goes into the evaluation, how the score is calculated and how it is different from your credit report.
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Attention Car Buyers: Some Tips for Buying a Car on the Internet
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(ARA) - Shopping for a new or used car in cyberspace provides a convenient and comfortable environment for buying a car without the high-pressure sales tactics commonly found on car lots.
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Looking for the Best Mortgage
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Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage—whether it's a home purchase, a refinancing, or a home equity loan—is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
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Which Loan is Better for You?
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The following is a list of definitions that will help you ask the right questions and compare information when you are shopping for a mortgage loan.
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