Posts Tagged with "Risk"

Tips on Avoiding Bad or Predatory Lenders (3)

Tuesday, November 29, 2011

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The lessons Manual and Geri learned from this: Never pay more than the credit report fee, normally $40 to $75, upfront. And only after credit and income ratios look good should you pay for the appraisal costs and small inspections that may be required in your area. Be wary of application fees. Good lenders won’t [...]

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Tips on Avoiding Bad or Predatory Lenders (2)

Friday, November 25, 2011

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Manuel and Geri found out the hard way about bad lenders when a relative pressured them to use a friend in the mortgage business. They had found a cute bungalow close to their children’s school and made an FHA offer with a four-week closing date. The loan officer took their application and explained that he [...]

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Do Loans with Balloon Payments Work for You?

Thursday, November 17, 2011

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In mortgage-speak, a balloon payment is a payment that reduces the loan by other than the monthly payment. For example, say you structure a loan payment schedule of $1,400 a month, with a $5,000 additional payment due on March 15 of each year when you get your federal income tax refund.

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Does Fixed Rate Mortgages Work for You?

Wednesday, November 9, 2011

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Mortgage loans come with a menu of payment options, with the most popular being fixed and adjustable rate programs. Each option has its advantages and disadvantages, and the one that works best for you depends upon your financial situation. A fixed rate mortgage is one in which the loan is repaid in equal payments within [...]

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