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Tampa, Florida’s Housing Market is on Solid Ground

September 18, 2012

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Florida Realtors President Summer Green has said that Florida’s real estate recovery is on solid ground.  Every month since May 2011, pending sales have increased for both existing single-family homes and for town-home/condo properties.  Compared to last year’s pending sales, in July of this year the number of pending sales increased by 42% for existing [...]

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Who Owns My Home If I Have A Mortgage?

March 19, 2011

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Many borrowers believe that when they purchase a property by obtaining mortgage financing, they also own their home. Technically speaking, full ownership on a property only happens once the mortgage loan amount has been paid in full. To break this down in more detail, there are a few components of a mortgage: A Promissory Note is [...]

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Do I Have To Continue Making My Mortgage Payment If My Lender Goes Bankrupt?

March 12, 2011

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When mortgage lenders go out of business and are essentially taken over by the FDIC, homeowners are left wondering if they still need to make a monthly payment. Great thought, and a very common question for many borrowers in the 2006-2010 timeframe. The short answer is YES, you still have to continue making mortgage payments [...]

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How Do I Calculate My Mortgage Payment Without Using A Mortgage Calculator?

March 5, 2011

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Calculating an exact mortgage payment without a calculator on a loan is no small task, but there are some simple rules-of-thumb you can use to get a close estimate. With the exception of the MIT Blackjack Team, performing this type of complex math in your head often leads to frustrating rants. When coming up with [...]

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Why Do I Need Mortgage Insurance?

January 9, 2011

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Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage [...]

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Understanding Your Amortization Schedule

November 27, 2010

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By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time. The borrower’s monthly mortgage payment may change over time depending on the type of loan program, however, we’re going to address the typical 30 [...]

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Shopping For A Hazard Insurance Policy

November 13, 2010

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When shopping for a hazard insurance policy, something called “bundling” can actually save you quite a bit of money that most people aren’t aware of. Many of the big insurance companies price their insurance rates to attract a particular segment of the market. They usually price their hazard insurance policies to attract homeowners who need [...]

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Chris Brown
Chris Brown is the premier expert on HARP loans and Government FHA and VA loans. Please visit The Mortgage Chili Blog