Types of Mortgages

After years of studying to begin a career as a medical professional, you’d think getting a mortgage would be a breeze. Unfortunately, many doctors come out of medical school with a significant amount of debt and a more modest income than seasoned physicians.  This large debt-to-income (DTI) ratio can make it harder for doctors looking
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Like many Americans, U.S. military veterans and active duty service members may want to purchase an investment property. After all, real estate has proven to be one of the most lucrative investment opportunities.  As an added bonus, service members and veterans get access to VA loans, which often come with more favorable terms and fewer
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When you buy a home, the seller transfers the deed to you, making you the proud new owner of a piece of real estate. But did you know that sometimes homeowners can transfer their mortgages to you, too? A transferable mortgage, more commonly known as an assumable mortgage, allows you to buy a home by
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Loans originated by the Federal Housing Administration (FHA) are a great option for home buyers, especially first-time home buyers. They offer low-interest rates, relaxed credit requirements, and low down payments.  And there’s another unique benefit. If you refinance your existing FHA loan to another FHA loan, you may qualify for a refund on the upfront
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If you’re the spouse or surviving spouse of a U.S. Armed Forces veteran (including the U.S. National Guard), you may qualify for a U.S. Department of Veterans Affairs (VA) loan – either as a co-borrower or sometimes as a standalone applicant.  Considering everything spouses of active service members and veterans do for their families, as
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If you’re exploring options for buying or refinancing a home, you might be worried about the minimum credit requirements associated with certain loans. Thankfully, when it comes to buying or refinancing a home with less-than-stellar credit, nonconforming loans can be a great solution. Nonconforming loans often get a bad rap, likely because their name implies
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Have you ever wished you could invest in real estate without spending all your savings? Well, a participation mortgage might be the perfect solution for you. A participation mortgage allows multiple people or entities to team up and share in real estate investment costs and profits, while also reducing each participant’s risk exposure on a
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Though most buyers will use a traditional mortgage to purchase their home, there are other options to explore when it comes to financing a home purchase. If you’re having a difficult time with traditional avenues of home financing – like a home loan from banks or other mortgage lenders or a Federal Housing Administration (FHA)
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When you’re shopping for a mortgage, you’ll quickly discover that the 30-year fixed-rate mortgage is the go-to for most home buyers. But maybe you’re not interested in a long-term commitment with a mortgage.  A short-term mortgage is a home loan with a shorter repayment period than a traditional 30-year mortgage. These loans are typically used
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Sometimes you need money fast. Maybe you want to buy a new home, but you haven’t sold your old home yet. Or maybe you have your eye on an investment property or a home you want to flip.  If you need money for a real estate purchase and don’t have time to wait on mortgage
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A condo can be a great option for someone looking to live in an urban area. Condos combine the amenities of a rental apartment complex with the benefits of homeownership. But condos can be trickier to buy and sell because the community you’re purchasing your unit in has a unique set of rules. If you’re
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As a current or prospective home buyer, you know that every new home comes with different mortgage needs. Depending on your financial and real estate goals, you might look for alternatives to the standard 15- or 30-year fixed-rate mortgage to get the most from your money. That’s where adjustable-rate mortgages (ARMs) come in. In this
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When it comes to mortgages, there is no one-size-fits-all solution. But there are lots of options. And your job as a borrower is to understand all your options. When you apply for financing to buy a home, an adjustable-rate mortgage (ARM loan or ARM) may be one of your options. And a 5/6 ARM is
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Getting a mortgage and being a homeowner is a big deal. And depending on where you want to live and the state of the housing market (if it’s a seller’s market or not), it can be an uphill battle to find and purchase a home in your price range.  A loan alternative –  like a
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Feeling cooped up in your metro area? You’re not alone.  According to recent Census data, 86% of U.S. residents live in metro areas. That leaves 14% of the population spread out in the rural areas of the country – which spans 72% of the nation’s land area.[1] So, if you’re looking for more space, there
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