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Category Archives: Loans

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Why Is My FICO Score So Important in Getting a Mortgage?

Sandy Gadow

Most lenders rely on a credit score, called a “FICO score” to determine a Borrower’s credit worthiness when applying for a mortgage. Your FICO score or number may determine what type of interest rate and loan program you are likely … Continue reading →

Posted in Buying, Credit, Loans | Tagged credit, credit report, FICO | Leave a reply

How can the Right of Rescission Protect Me?

Sandy Gadow

The Right of Rescission is a protection given to borrowers under the Truth in Lending Act. This right gives borrowers of certain types of loans the opportunity to cancel their loan within 3 business days of signing the loan documents … Continue reading →

Posted in Buying, Loans | Tagged Truth in Lending | Leave a reply

How Will My Loan Be Handled in Escrow?

Sandy Gadow

Once you have opened escrow and given the escrow officer the details of your purchase, you will next give the officer the name of the lender who will be financing your purchase. You may not know the name of the … Continue reading →

Posted in Buying, Closing/Settlement, Loans | Leave a reply

What Is The Difference Between a Title Theory and a Lien Theory State?

Sandy Gadow

Often a buyer wonders if he is buying property in a state which is considered a “title theory state” or a “lien theory” state. Why would you need to know which custom is practiced in your state? When financing is … Continue reading →

Posted in Buying, Loans, Selling, Title Insurance | Leave a reply

What Is The Difference Between A Mortgage And A Deed of Trust?

Sandy Gadow

When a borrower signs a promissory note, he is agreeing to pay the lender a specific amount of money according to certain conditions. In order for the lender to protect his interests, he will require that the borrower sign a … Continue reading →

Posted in Buying, Deed of Trust, Deeds, Loans | Leave a reply

Will My Loan Have A Prepayment Penalty?

Sandy Gadow

Prepayment penalties are those charges which a lender imposes if you wish to pay off your loan early. Typically home mortgages are written for 15 or 30 year periods of time. While you may not hold the mortgage for the … Continue reading →

Posted in Buying, Loans | Leave a reply

Escrow Impound Accounts: Do You Have a Choice?

Sandy Gadow

Escrow impound accounts are those accounts which lenders set up to collect “up-front” money from you when you take out a mortgage to cover future expenses such as property taxes and insurance. Lenders like to set up these impound accounts, … Continue reading →

Posted in Buying, Closing Costs, Loans | Leave a reply

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