October 16, 2020
How much is PMI on a mortgage? Private mortgage insurance (PMI) is usually between 0.19% and 1.86% of your mortgage balance. And you sometimes need to pay an upfront premium […]
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October 15, 2020
Mortgage Rates Today Mortgage applications decreased this week, as reported by Mortgage Bankers Association. “Refinance and purchase activity continue to run well ahead of last year’s pace, fueled by record-low […]
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FHA Loans · Mortgage Strategy · Refinance
October 14, 2020
Mortgage interest rates are at historic lows across all major loan types. Ellie Mae’s August 2020 Origination Report stated FHA loans are no exception — average mortgage interest rates decreased […]
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October 8, 2020
With an FHA loan, nearly all borrowers will be able to pay as little as 3.5% of the home’s purchase price as a down payment.
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October 6, 2020
Mortgage underwriting is the process lenders go through when deciding whether a mortgage applicant is a good bet as a borrower.
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Mortgage Rates · Understanding Mortgages
October 5, 2020
You can create your own 5-year fixed mortgage and own your home outright in five years. Fixed mortgages with shorter terms can create incredible interest savings. But shorter-term mortgages also […]
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September 28, 2020
A loan origination fee is one of the closing costs you have to pay when your home purchase or refinance is finalized.
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September 18, 2020
There’s no one-size-fits-all answer to this one and it’s going to depend on a number of factors, including the type of mortgage you want and your personal financial circumstances.
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Ask Tim · Conventional Loans · FHA Loans · Private Mortgage Insurance
September 16, 2020
Q: I have good credit of about 730. I meet the requirements for both FHA and Conventional 97. I plan to live in the home for 6+ years. Which has […]
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Home Buying · Understanding Mortgages
September 16, 2020
When you’re asked to write a letter of explanation by a mortgage underwriter, look at this as a valuable opportunity to clearly communicate your situation. The letter of explanation may […]
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Mortgage expert Tim Lucas has been helping home owners for over 12 years.
