The industry standard when buying a house is to have a down payment of at least 20%. If you have less than this, it can be harder to get approval for a loan or to have your offer for a home accepted. That being said, it is still possible to …
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Before you buy a house, you will likely shop around for a mortgage and compare interest rates. The interest rate is crucial as it affects how much you will pay over the life of the loan. Even a small change in your interest rate can save you tens of thousands …
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Most mortgages last 15 or 30 years. Notably, the longer the term, the more you will pay in interest over the lifetime of the loan. Because of that, many people choose to pay off their mortgage early if they can. But there are some things you should know before doing …
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How to Qualify for a Mortgage? If you’re ready to buy a home, applying for a mortgage is the first step you need to take. However, before you take that first step, you need to make sure that you qualify for a mortgage. According to Statista, a mortgage is the …
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Refinancing is the process of replacing an existing mortgage with a new one by changing the terms of the current loan. Typically, homeowners consider refinancing their mortgage for a few reasons, including: Reducing monthly mortgage payments;Obtaining a lower interest rate;Switching mortgage lenders; orShortening the term of the original mortgage. As …
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