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Mortgage - If you're a first-time home buyer, you'll find it a little harder to qualify for a mortgage than the first-time buyer who walked in your shoes two years ago. The credit crunch on Wall Street and record foreclosure rates have made investors nervous about home buyers who have small down payments and lower credit scores.
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Mortgage - A stated-income loan qualifies a borrower using the income the borrower states, as opposed to the income the borrower can document. With an SIL, the lender agrees not to verify the income the borrower states on the application. As one might expect, SILs are priced higher than fully documented loans, and the foreclosure rate is also higher. With overall foreclosure rates reaching uncomfortably high levels, SILs have emerged as a possible weak point in the underwriting process. Regulators and legislators have been considering whether they should bar SILs or limit them in some way.
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 Mortgage - What are the Benefits of An Interest Only Mortgage Home Loan.
Whether you do a cash-out refinance or take out a home equity loan or line of credit, which may be less expensive, preserving your cash flow is an important thing to consider. Paying only the interest will save you something each month, but perhaps not as much as you expect.
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