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Mortgage.info is your information portal for all things home, mortgage, and refinancing.

You own a home, but you do not love the way it looks right now. You would love to change the exterior paint or remodel your kitchen, but you do not hads. Rather than applying for a personal loan or even a home equity loan, try the 203K Streamline Refinance. This FHA program enables you to have funds to not only refinance your first mortgage, but also have the cash to make changes to your home. There are strict rules regarding this program, however, in order to keep it “streamlined.” Understanding the terms of this program can help you make…

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The long and short answer to the question regarding whether or not you can use VA financing to purchase a rental property is “no.” You cannot use VA financing for this purpose. The intention of the program is to help veteran’s secure safe and sanitary primary housing. If a veteran already owns a home, he cannot “reuse” his benefits on an investment property. There are exceptions to the rule, though. What is a Rental Property? First, let’s look at what how the VA defines an investment property. Basically, if you do not live in the home, it is an investment…

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When you shop for a mortgage, you likely hear the term PITI thrown around. What exactly does this term mean and how does it affect you? The term stands for Principal, Interest, Taxes, and Insurance and it is what makes up your mortgage payment. When you talk to a lender about a potential mortgage, they will tell you the interest rate and the potential payment on the specific loan amount you need. However, you do not have all of the pertinent information until you add in the taxes and insurance, both homeowner’s and mortgage, that you must pay. The Principal…

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Have you heard the term jumbo mortgage loans and wondered what they were? These loans are basically a larger version of your standard conventional loan. Typically, the maximum loan amount for a conventional loan is $417,000. Any loan amount above that, unless you live in a high-cost area where the conventional loan limit is higher, is a jumbo loan. The Major Difference Aside from the loan amount, one of the largest differences of jumbo mortgage loans is the entity behind the loan. Fannie Mae and Freddie Mac back up standard conforming loans; however, they do not back up jumbo loans.…

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When you shop for a mortgage, you likely hear many different terms from the lender. One of those terms is the need to have hazard insurance. Is this the same thing as homeowner’s insurance or is it something different? The terms are often interchanged, when in fact, there are slight differences. Hazard Insurance Covers you from Hazards As the name suggests, hazard insurance covers you in the event of a hazard. A hazard is described as something that occurs because of fire, violent storms, theft and vandalism. What it does not cover is any type of injury that occurs while…

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