An In-Depth Look at Cash-Out and Rate-and-Term Mortgage Refinancing

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According to a study by the Federal Reserve Bank of New York, American homeowners took out $8.4 trillion in new mortgages over the last couple of years. That’s more than a third of our country’s total GDP! One of the main reasons why this occurred is because countless Americans sought to refinance their mortgages in a bid to…

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Why Is It Worth Hiring Mortgage Brokers?

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Do you know why the 2007-2009 Global Financial Crisis (GFC) occurred? Housing demand skyrocketed because irresponsible mortgage lenders gave out loans to borrowers without properly considering their default risk. As a result, house prices shot up artificially before the housing bubble popped due to mass defaults—and this changed the game for mortgage brokers forever. Fast-forward to today,…

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6 Reasons Why Your FICO Score Could Suddenly Drop

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If you’ve ever applied for a mortgage, chances are you’ve heard of the term ‘FICO score’.It’s a three-digit number that reflects your ability to pay back a loan; The bigger the number, the easier it is for you to take out a mortgage because you’re seen as less of a default risk compared to others! FICO scores…

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Commercial vs. Residential Buildings: Which Ones Make for Better Investment Properties?

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Investing in property for the first time can be quite daunting. You need to ask various questions, perform comprehensive research, and determine which investment property is the most lucrative option. Different assets have different characteristics and their own sets of risks and benefits. As a first-time investor, you may have various questions,and it’s important to…

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Conforming vs. Non-Conforming Mortgage Loans: Which One’s Better?

An aerial view of a cul de sac in a neighborhood

Non-profit research organization the Urban Institute recently described the 30-year fixed-rate mortgage as ‘the bedrock of the US housing finance system.’ This type of mortgage falls under two classifications: conforming and non-conforming. Both types of home loans have their own unique benefits and drawbacks—but which one’s better? Here’s a summary of how each type of mortgage works…

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