26 Oct 2022
By Aadil Nathoo

Amortization: What You Need To Know About How Your Loan Is Paid Off

Mortgage, ,
If you own a home, you will see a lot of information about your payment schedule. It specifies exactly what payments you have to make, when you have to make them, and how much of each payment will go toward your principal and interest. This is called an amortization schedule, and it is typically designed in such a way that your last payment pays off your loan down to the penny. How does this impact the life of your loan? Most Of Your First Few Payments Go Toward The Interest During the first few years, the majority of each payment…
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21 Oct 2022
By Aadil Nathoo

Refinancing A Mortgage: How Does This Work?

Mortgage, ,
If your financial situation has changed, you might be interested in refinancing your mortgage. In general, refinancing means that you will replace your current mortgage with a new one. The process of refinancing is similar to the process of applying for a mortgage, but you need to think about your goals during the refinancing process. That way, you can put yourself in the best financial position to be successful. Why RefinanceYour Mortgage? There are several reasons why you might be interested in refinancing your mortgage. For example, you might want to tap into the equity in your home to cover…
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14 Oct 2022
By Aadil Nathoo

A Non-QM Mortgage: What Does This Mean?

Mortgage, ,
If you are interested in purchasing a house, you need to review all of the offers available. The vast majority of loan officers are going to talk about something called qualifying mortgages, which is usually shortened to QM. You may be asking, what is a non-qualifying mortgage? This is usually shortened to Non-QM, and it simply means that the loan does not conform with the rules and regulations put in place by the Consumer Financial Protection Bureau, usually shortened to CFPB. What are the differences between a QM and Non-QM mortgage, and which one is right for your needs? A…
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13 Oct 2022
By Aadil Nathoo

Finding The Best Mortgage Deal: What To Do

Mortgage, ,
You have worked hard for your money, and you probably want to save as much of it as you possibly can. That means you need to find the best possible mortgage deal you can. What are a few steps you should take if you want to get the best loan terms possible? 1. Get Plenty Of Estimates You need to get a lot of estimates from different types of lenders. Examples include private mortgage companies, commercial banks, and credit unions. If you have a real estate agent, you may want to see if they can refer you to a loan…
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06 Oct 2022
By Aadil Nathoo

What Are Conditional Approvals?

Mortgage, ,
As you take a look at potential houses for sale, what does it mean if you see a house with a conditional approval? Does that mean you can swoop in and purchase the house with a better offer? Even though a conditional approval doesn't mean that the sale is guaranteed to go through, it does mean that an agreement is in place. An Overview Of A Conditional Approval A conditional approval is an informal acknowledgement that an agreement is in place between a buyer and the lender; however, the lender typically has to collect additional financial information to show that…
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