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penalty : Mortgage Loans, Rates, Home Buying, Selling, Foreclosures

All Posts Tagged With: "penalty"

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What’s A “Qualified Mortgage” In Real Estate

One of the better ideas to come out of the Wall Street Reform Act was to create something called a “qualified residential mortgage.” You want to know about such financing because most lenders will offer nothing else — and that’s good news for borrowers. Under Wall Street reform several federal agencies are supposed to work [...]

21Sep2010 | | 0 comments | Continued
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Mortgage Modification or Refinance — What’s The Difference?

Is it better to modify a mortgage or to refinance? While both result in new loan terms, the two choices are very different. When you refinance a mortgage you replace an existing loan with a new one. There’s no need to negotiate with the old lender because his mortgage claim will be extinguished. However, borrowers [...]

25May2010 | | 0 comments | Continued
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How To Read The New Good Faith Estimate Forms

Since January 1, 2010 HUD has required lenders to use a new Good Faith Estimate form or GFE. This is important because whether you buy a mansion or a cottage, you want to know how much your mortgage is going to cost — not just the interest rate but all the fees and charges you’ll [...]

2Nov2009 | | 1 comment | Continued
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The Case For Flexible Real Estate Commissions

Isn’t it time to change real estate agreements — to make them better for buyers, sellers and brokers? Syndicated columnist Peter G. Miller explains.

17Feb2009 | | 0 comments | Continued
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Can We Get Back Our Deposit?

Question: We purchased a parcel of land on Friday. Two days later we decided to cancel the transaction. (buyers’ remorse). Can we get our deposit back? Answer: Maybe. You need to ask several questions. For instance: First, what does the agreement say? Does it have a rescission or cancellation period during which time you can [...]

18Nov2008 | | 0 comments | Continued
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Are Late Mortgage Payments Ever Okay?

Question: We have paid our mortgage several days after the due date but before the lender charges a late fee. Does this lower our credit score? Answer: You need to look at this very carefully. A mortgage is a contract. It has certain terms and conditions. You want to honor all conditions. In the usual [...]

8Oct2008 | | 0 comments | Continued