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August 19, 2016

On The Case: Open-Ended Mortgages and Foreclosure vs. Forbearance

What is an Open-ended Mortgage?

An open-ended mortgage basically means that you can request an increase in a loan amount from a lender. This type of loan is for people who might need more flexibility than usual. For example, if they are buying land and then plan to build later, or in a situation where they believe it’s possible they will have to finance more at some point.

The big advantage of an open-ended loan is that a borrower can request additional funds without having to go through the loan process again. This means considerable savings on fees, closing costs, etc. However, there are strict limitations. An open-ended mortgage is basically like a home equity loan. [...]

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June 1, 2016

10 Mortgage Terms Explained for a 6 Year Old

Buying a home can be confusing if you don’t speak the language; here’s a guide to 10 mortgage terms, explained simply enough for a 6-year-old to understand.
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March 31, 2016

Mortgage 101: What is Escrow?

What is Escrow?

No matter how many times you’ve purchased a home, the escrow process can still be a source of confusion. If you’re buying your first home, this is doubly so. So what exactly is escrow and how does it work?

There’s a lot at stake during a real estate transaction and there’s plenty of room for error. That’s where escrow agents come in. You can think of an escrow agent as an impartial third party who takes possession of important documents and funds for safe keeping while the closing process is in progress. After you have closed on your house the money that you pay to your escrow each month will go towards your property taxes and [...]

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April 15, 2015

Down Payments: What Is It, and Why Is It Important?

While searching for the perfect home, one of the very first questions that most lenders, realtors, and/or sellers will ask concerns the percentage of down payment. What is a down payment, and why is it important? Quite simply, the down payment is the amount of cash the buyer will put towards the transaction. A higher percentage could equate to stronger negotiating power; or, it could give the seller increased confidence that the deal will go through smoothly. Each individual, however, has to ask how much does he or she need to put down and how much is he or she comfortable with... [read more]
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April 8, 2014

First-time Homebuyers – Learn the Mortgage Lingo

If you are thinking of buying your first home, during the process you will come across several terms that you may not be aware of. In this post, we will introduce you to some mortgage lingo that will help you sail through the process... [read more]
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January 20, 2012

VA Mortgage – Veterans Administration

Terms to know... [read more]
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January 19, 2012

Tenancy in Common – Trustee

Terms to know... [read more]
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January 18, 2012

Sales-Leaseback – Sweat Equity

Terms to know... [read more]
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