A mortgage loan officer or mortgage loan originator (MLO) is someone who aides potential borrowers in getting a mortgage loan.
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When a homeowner sells their home to a family member at a price well below the market value, it is sometimes considered a gift of equity.
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As the name implies, these loans required little, if any, documentation to evaluate your creditworthiness and your ability to repay the loan.
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An ARM jumbo loan is an adjustable rate mortgage that exceeds the Fannie Mae and Freddie Mac loan-servicing limits. This amount, for most American counties, is $453,100. For more expensive areas, that limit can go as high as $679,650. Right now, ARM jumbo loans are becoming incredibly popular -- with statistics suggesting that around 75% of ARMs currently issued are actually for jumbo loans. Of that 75%, 47% of those home loans are for more than $1 million.
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A 7/6 ARM is a hybrid adjustable-rate mortgage with a fixed-rate period of seven years. Unlike its cousin, the 7/1 ARM (which has one-year adjustment periods), the interest rates on a 7/6 ARM can be adjusted once every 6 months during the variable-interest part of the loan.
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In basic terms, an FHA loan is a government-insured mortgage. Due to the fact that these loans are being offered by the government, instead of a for-profit company, FHA loans have a variety of benefits that can make it easier for you to buy your dream home without breaking a big sweat.
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Getting a home, and the mortgage that comes with it could be the most important financial transaction you ever make. But how do you go about getting a home loan?
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A good down payment on a house largely depends on your circumstances and the loan you've applied for. Based on loan requirements and your risk profile the lender will determine the minimum down payment for the loan. In other words, it may not be up to you how much you pay -- though generally, a higher down payment will equate to lower fees and better loan terms.
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A home loan or “mortgage” is a type of loan that uses property or real estate as security. Homebuyers exchange funds with a lender, who operates on the promise that the debt will be repaid before a designated time and at an agreed-upon cost (interest rate).
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There are many different mortgage options for homebuyers to choose from. For starters, mortgages are usually categorized as either a fixed rate or adjustable rate. Then there are various loan programs to choose from including FHA Loans, VA Loans, USDA Loans, or Conventional Loans
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To help first-time home buyers, federal, state and local housing agencies have programs to make the home buying process easier and cheaper. The agencies and lenders in your area can offer you various FHA loans, VA loans, down payment grants, and other programs to make it easier to qualify and buy your first home. The definition of a first time home buyer
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A fixed-rate mortgage is the simplest and most common mortgage for homebuyers. It simply has a fixed interest rate, that does not go up or down, throughout its lifespan. Since it never changes, a fixed-interest-rate mortgage isn't associated with indexes, margins, floors, or caps. As the interest rate is fixed, the monthly principal and interest payment are the same throughout the mortgage’s lifespan.
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Like with most housing assistance programs, you can start at your local housing agency. You’ll be provided with a breakdown of the FHA loan-approved lenders in your area, whom you can apply to. If you qualify for the program, simply apply to these lenders. If you get more than one quote, you’re more likely to find a better deal.
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A home equity line of credit (HELOC), is a pool of credit you can draw from using your home equity as collateral. Your home equity is the difference between the value of your home and the mortgage balance. So if your home is valued at $250,000 and your mortgage is $150,000 then your home equity is at $100,000 ($250,000-$150,000).
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A conventional loan is a loan that is not insured or guaranteed by the government. A conventional loan may be a fixed rate mortgage, variable rate mortgage or a hybrid ARM. Conventional loans are either conforming or non-conforming loans.
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A 5-year ARM FHA mortgage is a loan with a fixed and variable interest rate that is guaranteed by the Federal Housing Authority (FHA). The loan is a hybrid adjustable-rate mortgage (ARM): it starts out with a fixed interest rate for the first five years, then the rate becomes variable. The loan comes with a guarantee to the lender that the FHA will pay it off if the borrower fails to pay.
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