Financing Real Estate Questions and Answers
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Financing Real Estate Questions and Answers
Creative Financing
What is an assumable mortgage?
Can I split my mortgage in two and pay biweekly?
What is a two step mortgage?
Is equity sharing a good idea?
Are shared equity and shared appreciation mortgages the same?
Should I consider a ‘B’, ‘C’, or ‘D’ paper loan if I have bad credit?
What is a balloon mortgage?
How do growing equity mortgages work?
What is a wraparound loan?
Is a reverse mortgage good for elderly homeowners?
What is a bridge loan?
What is seller financing?
What is a lease option?
Credit
How do lenders define bad credit?
How do you clear up bad credit?
How bad is a previous foreclosure on credit?
How can I protect my home from creditors?
Foreclosures
If faced with foreclosure, what are my options?
Can a home be sold for less than its mortgage?
Will I be able to buy again after losing a home to foreclosure?
How long do bankruptcies and foreclosure stay on a credit report?
Getting Started
What is a mortgage and how does it work?
How do I qualify for a home loan?
What’s the best way to choose a home loan?
Where can I get a mortgage?
What does a mortgage broker do?
What things do lenders view positively and negatively during the application process?
Why do lenders require a down payment?
Is it possible to get a no-down payment loan?
What about low down payment loans?
Should I put more or less down, if I can afford it?
Can I make an all-cash purchase instead of getting a mortgage?
What is the difference between a conforming and non-conforming loan?
What about the difference between a conventional and non-conventional loan?
What are conventional loan limits?
Is it true some lenders grant loans based on very little documentation?
Are there such things as no-cost and no-fee loans?
Interest Rates
Are interest rates negotiable?
Why do most homebuyers prefer a fixed-rate mortgage?
Which is better, a 15-year or 30-year loan?
Are 40-year mortgages a good idea?
Should I lock in the mortgage rate?
In seller financing, how does the seller determine what rate to provide?
Mortgage Terms
What is APR?
What is a loan-to-value ratio?
What about equity?
What is private mortgage insurance?
What is a prepayment penalty?
What are subprime loans?
What is amortization and negative amortization?
What is a second mortgage?
Is a home equity line of credit similar to a second mortgage?
Other Mortgage Considerations
Do government programs exist that can help me finance a home?
Can you tell me more about FHA and VA?
What are mortgage credit certificates?
Do builders provide financing?
Is private mortgage insurance always required on low-down payment loans?
How can I finance work needed for home repairs?
What about using an unsecured loan?
What are the benefits of prepaying my mortgage?
Do I have to disclose a parent’s gift to the lender?
Refinancing
How does refinancing work?
When is the best time to refinance?
Can I refinance a home loan more than once?
Is it possible to refinance following a bankruptcy?
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