How to Get a Mortgage for a Repossessed Home

A repossessed home can be a good opportunity for a potential homebuyer to ascend the first step of the property ladder. These homes are available at lower prices than usual. Lenders do not generally make available information on mortgage products for repossessed property. However, an enquiry about packages may...

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Aspects of a Land Mortgage

Borrowers need to take out a land mortgage to purchase a piece of land. An individual may acquire land with the aim of developing it or incorporating a structure on it. A land mortgage is quite different from mortgages for homes and structures used for other purposes because a...

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How to Obtain a Mortgage for a Second Home

Procuring a mortgage with reasonable terms on a primary home is a tough job. The procedure is even more demanding for a second home. Lenders scrutinise the application for a mortgage on a second home in a more stringent fashion than that your application for your first mortgage would...

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Mortgage Requirements for a Freelancing Individual

It is undeniably difficult to acquire a mortgage for a freelancer. A lender requires salary and tax details of the mortgage application process, which the freelancer may find it difficult to provide. However, a freelancer may not find it an impossibility to acquire a suitable mortgage product. The following...

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The Mortgage Application Process and the Mortgage Broker

What most people fail to understand is when they apply for a mortgage, there is no certainty that they will be offered one. Each lender has their own lending criteria and all applications are assessed accordingly. Major considerations for the lender are the amount you want to borrow, the...

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All You Wanted To Know About the FHA Mortgage Loans

There are several reasons for asking your lender about the FHA mortgage instead of the conventional mortgage or any expensive and risky sub-prime mortgage. The lower cost of the FHA loans and the competitive rate of interest is the major benefit of an FHA loan. The Federal Government insures...

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Get Pre-Approved

When buying a home, the first place to start is to get Pre-Approved. Getting Pre-Approved for your FHA loan gives you the authority to place offers on properties for the amount you are Pre-Approved for or less. This is a very important step in the process and it is...

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Eligibility

The first step is meeting FHA’s basic eligibility requirements. These involve some very general requirements that are pretty easy for most people to meet. The second part is meeting the qualification requirements. This is where your income, your credit history and your savings are evaluated. It’s a little more...

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Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

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