Buying Process


Buying Process / Process of buying a house and mortgage terms

Is private mortgage insurance required if I put down less than 20% on a VA loan?

VA borrowers have many advantages when it comes to buying a house. One of them is that they don't have to pay private mortgage insurance (PMI. Usually, if you put ...
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What are the cons associated with a VA loan versus a conventional loan?

If you qualify for and decide to take out a VA loan because of its flexible benefits, you should also be aware of this product's downsides. You must pay a ...
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Photo - Two people talking about private mortgage insurance

What is Private Mortgage Insurance (PMI)?

©Jacob Lund/Fotolia Private mortgage insurance, also called PMI, is a type of insurance that private lenders require you to pay. You can avoid paying PMI by making a down payment ...
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What is a bridge mortgage loan?

Bridge loans fill the gap when you are buying a new home while still carrying a mortgage on the house you are selling. They are temporary loans, paid off when ...
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What is per diem interest?

Per diem means per day. When you're talking about interest, it means daily interest. Per diem interest is used to calculate how much interest you owe the mortgage company when ...
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Why should I buy instead of rent? Who really stays in a house for 30+ years?

As long as you want to stay put for at least 5 years, it might make better sense for you to buy instead of rent. Having a 30-year mortgage doesn't ...
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Is it better to use a mortgage broker or choose a specific lender and apply with them?

Lenders include banks and credit unions. When you apply for a mortgage through a lender, you're dealing directly with the lender. Brokers aren't lenders; they're middlemen who find a lender ...
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Buying a short sale home

Purchasing a short sale home isn’t the same as buying a foreclosed property, since the owner is actually selling the home to avoid foreclosure. It takes longer than a conventional ...
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Pre-approval vs pre-qualified mortgage?

Although these terms sound interchangeable, they aren’t. A pre-approval is a much more thorough process, as the lender has already verified the applicant’s credit, assets and income. Pre-qualified Pre-qualified comes ...
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