Loan Basics

7 Ways to Accumulate a Down Payment

By Fidelity National Title Insurance Company—One of the biggest problems facing potential buyers today is coming up with enough money for the down payment and closing costs. The amount of money you have available can greatly limit or increase your purchasing power.

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Mortgage/Home Loan Abbreviations

By Sharon Hassler—Confused by some of the abbreviations in the information you receive from your loan officer or mortgage broker? Here are many of the common abbreviations used today. If you have any questions about documents from your lender, do not hesitate to ask for clarification.

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Reverse Mortgage Basics

By U.S. Department of Housing and Urban Development (HUD)—The Home Equity Conversion Mortgage or FHA-Insured Reverse Mortgage can be used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home.

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How Home Appraisal Values Are Determined

By John Moran—I hear the following statement at least five times a day, “My neighbor’s house is listed for X and mine’s bigger, so my house must be worth Y.” Replace X and Y with values that make sense in your neighborhood and you’ve probably heard it too.

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9 Steps of the Loan Process

By Sharon Hassler: 1. Where to Find a Loan Officer We can’t stress enough the importance of finding an experienced, reliable loan officer or mortgage broker. Start with a referral. Ask your family, friends, co-workers, real estate agent, attorney or accountant.

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Mortgage or Home Loan Basics

By U.S. Department of Housing and Urban Development (HUD): 1. What Is a Mortgage? Generally speaking, a mortgage is a loan obtained to purchase real estate. The “mortgage” itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt.

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