How Avoid Paying Closing Costs

How To Avoid Paying Closing Costs In addition to any  downy payment needed, you will also need to plan for closing costs when purchasing a home. Although no closing cost options exist, understanding how closing costs are paid for is an important part of the home buying process.  Closing costs can be as high as …

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Conventional Loans

Conventional Loans A conventional (or conforming) loan is a loan that is not formally backed by any government entity such as FHA, VA, and USDA. Rather, it is a loan that follows guidelines set by Fannie Mac and Freddie Mae, two agencies that help standardize mortgage lending in the U.S. In today’s market, conventional mortgages …

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Mortgage Calculator

PMI Mortgage Insurance

How to Calculate a Mortgage Payment A mortgage calculator is one of the most popular searches on Google. It seems every prospective home buyer is looking to the web to estimate how much they will pay when they purchase a house.  The interest is understandable. The internet and marketing channels have a way of underestimating …

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FHA Home Loans

FHA Home Loans An FHA loan is a mortgage loan with flexible underwriting guidelines backed by the Federal Housing Administration (A Department of HUD).  FHA loans are extremely popular with first time home buyers because they allow down payments as low as 3.5% and allow the seller to pay the borrowers closing costs. FHA has …

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VA Home Loans

VA Home Loans

VA Home Loans The VA Loan was originally created to offer long term financing to eligible veterans or their surviving spouses. The VA loan offered financing opportunities for Veterans in locations where financing was not readily available. By guaranteeing mortgages, VA opened up lending in more rural communities that needed it most. The original Servicemen’s …

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Mortgage Preapproval

Mortgage Application Preapproval

The mortgage pre-approval is an important first step in the home buying process. The pre-approval is not the same as a pre-qualification and is a much stronger representation of your ability to purchase a home. Know what documents you need to get pre-approved The Mortgage Preapproval Process A mortgage prepapproval means that the lender had …

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Find a Plattsburgh Mortgage Broker

Mortgage Broker Plattsburgh NY

A mortgage broker is a third party that arranges for home financing by working with investors or mortgage companies to close your mortgage loan. A mortgage broker offers standard home loan programs but also has more unique loan programs. Because a Mortgage Broker in Plattsburgh, NY is not lending their own money, they can close …

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The Appraisal

Mortgage Appraisals

One of the first steps in obtaining a mortgage loan is getting the appraisal. The appraisal is an independent report completed to determine the subject properties value. If you are applying for 100% financing and the purchase price is $150,000, in theory you should be able to borrow $150,000. One exception to this is of …

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