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Prepayment
Prepaying will cut down on life of loan interest and pay off your loan more quickly. That’s because interest is charged each month based on your outstanding balance. And so by paying your balance down early, you’re making subsequent monthly payments allocate more to principal and less to interest. Prepaying does not lower your monthly…
Read MoreEscrow Analysis
Expect an escrow analysis once per year, mailed to you. Please be sure to read it to understand how your mortgage payment is changing. The escrow analysis looks back at property tax and insurance costs incurred over the last year. It’ll recalculate what should be your monthly payment to your escrow based on that. Escrow…
Read MoreUnsecured family loan
Both FHA loans and Home Possible loans (but not Home Ready loans) allow a relative to provide an unsecured loan for a buyer’s down payment or closing costs. Fannie Mae disallows loans from family members unless it’s secured against collateral. Learn more: https://alexjaffe.com/family-lending For a Home Possible loan, the loan term needs to be greater than…
Read More1st Time Advantage
Maryland Mortgage Program has numerous loan programs, and 1st Time Advantage is the most common Maryland Mortgage Program product we offer, because it comes with a down payment assistance loan of up to 5% of the loan amount. This program is for first time buyers in Maryland and is available throughout the state. 1st Time…
Read MoreAppraisal Waiver
Many buyers and agents ask if it’s possible to purchase without an appraisal. Or, if they can waive an appraisal contingency in their contract without increasing their risk. The appraisal waiver / value acceptance can help with that – and here’s how it works. Fannie Mae and Freddie Mac (government entities) require we upload…
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