By Mortgage Foxes | Loan , Mortgage
A home loan that you do not have to pay back for as long as you’re alive or for as long as you live there? That sounds too good to be true, but that’s what reverse mortgages do. A reverse mortgage is a loan that you make where you do not have to pay back […]
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By Mortgage Foxes | Loan , Mortgage
A take over mortgage is a loan where the terms and conditions of the loan can be transferred from one borrower to a new borrower. The term take over mortgage is also used to refer to assumable loan. Home buyers can assume a seller’s mortgage when purchasing a home with a take over mortgage payment. […]
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By Mortgage Foxes | Loan , Mortgage
A second mortgage loan is a subsequent loan and subordinate to the earlier mortgage. In other words, a second mortgage loan is used as collateral pledged for the first loan. Length of Second Mortgage Loans Second mortgage loans have varying lengths with which they are eventually paid off. Some second mortgage loans may last for […]
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By Mortgage Foxes | Loan , Mortgage
The other term for a balloon payment mortgage is a partially amortized loan. Balloon payment mortgage is when your liability or obligation is only partially amortized, leaving the rest to be paid upon the completion of the term. Because the initial interest rates and monthly payments are lower, a balloon payment mortgage is paid off […]
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By Mortgage Foxes | Down Payment , Loan , Mortgage
There are plenty of reasons you should buy a home and the same for not buying one. The economy is tough today but the housing market seems to be easing up some and this is the time to make one of the biggest decisions of one’s life. Here are some quality tips on buying a […]
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By Mortgage Foxes | Loan , Mortgage
Lenders are in the business of lending people money because they make carefully calculated decisions based on your risk. They have two expectations: That you will repay them That they will make a profit. To judge if you are capable of meeting these two criteria, lenders look closely at your current financial position and your […]
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By Mortgage Foxes | Loan
As you know not every person who tries to get a loan qualifies for a loan. Lenders want to feel that whoever they give a loan to is able to pay it back. The first thing you need to do is you have to have your financial business in order if you want to get a […]
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By Mortgage Foxes | Loan , Mortgage
It used to be the first choice of most borrowers, because since the total payments are spread over a longer period of time with the interest rate set for the entire time of the mortgage. 30 year home loan rates in Minnestoa and Wisconsin are an industry standard but is it the right choice for […]
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By Dave Fox | Loan , Mortgage , Pre-Qualify
In today’s economy, many people make their income by working one or more part-time jobs versus a traditional full-time 9-5 job. While there are some assumptions made that people working part time are mostly retired persons or college students, the reality is that according to the Bureau of Labor Statistics, more than 32 million Americans work […]
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