Purchase Loan

Self employed mortgage

Self employed mortgage: Tips for the self employed when buying a home

When you’re self-employed and buying a home, there may be more asked of you in order to obtain a mortgage. Before starting your journey, know what some of the extra steps might be. Buying a home can be different for self-employed homebuyers. Understand what’s expected of you and why, such as why a lender might …

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Private Mortgage Insurance

Private Mortgage Insurance: How PMI works and what to consider

When you’re purchasing a home, you may be required to have Private Mortgage Insurance, or PMI, if you’re putting less than 20% down. Private Mortgage Insurance is insurance to protect lenders against a loss if a borrower defaults on the loan. PMI costs will likely result in a slight increase in your overall monthly payment, …

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Mortgage options

Mortgage options: Advice for choosing a mortgage that’s right for you

A mortgage loan is a long-term financial commitment. Here are some things you should know before choosing a mortgage type. When choosing a mortgage, it’s important to understand the different types and how your monthly payments may potentially change in the future. Here are a few things you should know about choosing a mortgage: • …

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Types of mortgages

Types of mortgages: Understand different types of mortgage home loans

When it comes to obtaining a mortgage, everyone has different needs. Watch and learn about the various mortgage products available so you can make an informed decision. As a homebuyer, you have a choice of different mortgage products to finance your purchase: Fixed-rate loan: Provides a constant interest rate and monthly principal and interest payment …

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FHA mortgages

FHA mortgages: What an FHA loan is and who should consider one

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration, or FHA. This is one of the many loan options you can consider. The FHA loan mortgage program was created to make home ownership accessible to more people. The FHA does not actually lend money; it reimburses FHA lenders when …

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Applying for a mortgage

Applying for a mortgage: What’s needed during the application process

There’s a lot of paperwork and documentation involved when you buy a home. Know what types of documents you may be asked to provide and make a game plan on how to stay organized. During the home-buying process, you should be prepared to provide the following paperwork to your lender: • W2 statements from the …

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