Mortgage Information

Oct. 26, 2018

How Much Is My Home Worth in Schenectady, New York

How Much is your home worth in Schenectady, New York?  If you are planning on selling your home, that is a question you need answered.  As your Local Schenectady Real Estate Expert, I can help you to learn the answer to that question.  I will personally do the research on your ...

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Oct. 12, 2018

Have You Ever Considered Purchasing a Home in Schenectady, New York

Have you ever considered moving to beautiful Schenectady, New York?  Schenectady is a desirable community & great location.  Schenectady, New York boasts a variety of local landmarks, excellent schools, parks and much much more.  Take a look at some of the most popular searches in Schenectady, New York and the surrounding areas ...

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Sept. 21, 2018

Find Your Dream Home in Schenectady, New York

There are so many different kinds of homes out there for families to choose from.  Do I want to live in Schenectady?  Or maybe you want to find a home in Schenectady.  How many bedrooms and bathrooms do you need?  Do you need a large back yard?  A small backyard ...

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Aug. 31, 2018

FICO® Scores and Your Mortgage

Years ago, credit scoring had little to do with mortgage lending. When reviewing the credit worthiness of a borrower, an underwriter would make a subjective decision based on past payment history.

Then things changed.

Lenders studied the relationship between credit scores and mortgage delinquencies. There was a definite relationship. Almost ...

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Aug. 31, 2018

FICO® Score - a Brief Explanation

When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you’ve made your payments on time. What you may not expect is that they seem to be more interested in your FICO® score.

“What’s a FICO® score?” is a ...

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Aug. 31, 2018

Documenting Your Assets - Verifying Your Down Payment

When buying a home, it is not enough to just come up with the money. With the exception of no asset verification loans, lenders want to verify where the money for your new home will be coming from. If you can document that the funds are coming from your personal ...

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Aug. 31, 2018

Closing Costs When Buying or Refinancing a Home

This is a detailed summary of costs you may have to pay when you buy or refinance your home. They are listed in the order that they should appear on a Good Faith Estimate you obtain from a mortgage lender. There are two broad categories of closing costs. Non-recurring closing ...

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Aug. 31, 2018

Adjustable Rate Mortgages - The Basics

An adjustable rate mortgage (ARM) has an interest rate that fluctuates periodically. This is in contrast to a fixed rate mortgage, which always has the same interest rate.

Every ARM has basic components:

  1. An index
  2. A margin
  3. Adjustment Period
  4. An interest rate cap
  5. An initial interest rate

The Index

An ...

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Aug. 31, 2018

Adjustable Rate Mortgages - The PROS & CONS

Now that you know what an ARM is and how it works, you may be wondering what the advantages and disadvantages are. So let’s explore that issue.

Offering adjustable rates allows lenders to transfer part of the interest rate risk from themselves to the borrower. If you get a fixed ...

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Aug. 31, 2018

Your Savings and Down Payment

Your First Step Toward Buying a Home

When preparing to buy a home, the first thing many homebuyers do is look at the real estate ads in newspapers, magazines and listings on the Internet. Some potential buyers read how-to articles like this one. The next thing you should do - before ...

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