Blog Archives

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How long should my mortgage term be?

April 23, 2014

You can get a mortgage with a term of anywhere from six months to 10 years. Remember: the shorter the term, the lower the interest rate. A short-term mortgage might be the (more...)

I pay/receive child support. How does this affect my mortgage application?

March 27, 2013

If you’re paying child support and/or alimony, that amount is generally deducted from your total income before any other calculations. (You may need to show proof of regular payment.) If you’re receiving (more...)

Can I qualify for a mortgage if I’ve filed for bankruptcy?

March 27, 2013

It depends on the circumstances surrounding your bankruptcy.

What is mortgage loan insurance?

March 27, 2013

If you need a mortgage for more than 80% of the purchase price of your home (i.e. a high-ratio mortgage), you’re required by law to have this insurance, aka mortgage default insurance. (more...)

What is a conventional mortgage?

March 27, 2013

It’s a mortgage where the down payment is equal to 20% or more of the purchase price. That means you’ve borrowed 80% or less of the purchase price, so you don’t necessarily (more...)

What does pre-approval mean?

March 27, 2013

It means you’ve got a guaranteed interest rate from a lender for a specified period of time (usually 60 to 120 days) on a specified amount of money. It’s not a guarantee (more...)