Mortgages

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How Long Do You Pay Mortgage Insurance on an FHA Loan?

Private mortgage insurance premiums on an FHA loan are based upon the amount of the loan and the amount of your down payment. How long you pay the premium will also depend upon these factors. Some PMI lasts 11 years, while some lasts the life of the loan. You can refinance out ...

How to Calculate the Qualifying Ratio for a Home Loan

One of the main factors in qualifying for a mortgage loan is the debt-to-income ratio. All lenders have slightly different guidelines. Different loan programs also recommend higher or lower debt-to-income guidelines. If you are in the market to buy a home or are considering ...

Transferring a Deed of Trust to a Granddaughter

The deed of trust is a document provided by your original mortgage lender to secure its interest in your property by placing it into a trust. Because the deed of trust serves as evidence of debt, is cannot be transferred into another individual's name, such as a granddaughter. ...

What Is a Residential Mortgage Credit Report?

When you want to buy or refinance a home, lenders request a residential mortgage credit report, or RMCR, which differs from a typical report. When you apply for a personal or auto loan, the lender requests a report from one of the three major credit bureaus. Should you apply for ...

How to Manually Calculate a Mortgage

Manually calculating a mortgage allows you to see how all of the variables work together. To figure a mortgage by hand, you’ll need to know the mortgage term, interest rate and how much you’re borrowing. Planning ahead by using this formula will help make sure you can afford ...

What Are the Benefits of an Accelerated Mortgage?

An accelerated mortgage is usually achieved by splitting the usual monthly mortgage amount in half and sending payment to the lender every other week, although some people choose to break the monthly payment into fourths and send a weekly payment. As an example, if you take out ...

How Many Names Can Be on a Mortgage?

Generally a mortgage is in one or two names, but sometimes having three or more buyers makes sense, such as group purchases of vacation homes or situations where a co-signer is needed. There is no limit on the number of people who can join on a mortgage loan, but each must ...

Should I Use a Mortgage Broker to Refinance?

A mortgage broker is a licensed professional who negotiates loan agreements between borrowers and lenders. You can use a broker to obtain a purchase mortgage or a refinancing. You can often get lower-than-normal interest rates if you refinance with the help of a broker. On the ...

Do You Need to Pay Off All Credit Cards Before Applying for a Mortgage?

When you apply for a mortgage, you usually don't need to pay off all of your credit cards. However, it's normally better to have less debt than more debt. This can be especially true if you're applying for a jumbo mortgage on a high-value home. Because these loans aren't ...

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