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Archive for July, 2009

Reserves – Glossary Term

Mortgage reserves are assets you have but do not use for closing costs or down payment. Reserves can turn a denial into an approval since the automated underwriting computer loves reserves. The amount of reserves is determined by the automated underwriting and because of the mortgage crisis; reserves have become even more important to mortgage [...]

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30 Year Mortgage Rates Not Tied To Fed

30 year mortgage rates drop when the fed cuts rates. Right? Most consumers think just that when they hear in the media the Fed cut interest rates. However, the rate the Fed cuts is the Fed Funds Rate which has nothing directly to do with mortgage rates. 30 Year Mortgage Rates vs. The Fed The [...]

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Processing Fee – Glossary Term

A mortgage processing fee is not a junk fee most of the time. It is an actual service performed by either an employee of the mortgage company or an outsourced mortgage processing company. It should cost between $300 and $500 and is part of your closing costs. You will see it on the Good Faith [...]

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15 Year Mortgage Rates: Great Idea Unused

15 year mortgage rates are always lower than the 30 year. The longer the mortgage term, the more expensive it is. So the rate for the 15 year is less than the 30 year. The problem is even though the rate is lower, the payment is higher. Since the mortgage is amortized over a shorter [...]

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Condo Mortgage Rates Confusing

Condo mortgage rates are higher than a single family home. Or, is that just what you get told out there? The rate for a condo is technically not higher but there is an added cost for condos with less than 25% equity. Any mortgage with extra risk like a condo has added costs. You can [...]

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FHA Rates Today

FHA rates today are about .125% or .250% higher than a conventional loan. FHA mortgage rates are different than a Fannie Mae or Freddie Mac mortgage because it is a totally different kind of mortgage. A mortgage insured by Fannie Mae or Freddie Mac is called a conventional mortgage. An FHA loan is also known [...]

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