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Loan Costs

• How can I compare the rates quoted by different lenders?
• What are "points"?
• Is a "no cost loan" really no cost?
• What does a "rate lock" mean?

Qualifying

• What does it mean to "qualify" for a loan?
• What is the difference between pre-qualification and pre-approval?
• What is a FICO score?
• If I have some credit problems in the past, can I still get a home loan?
• What does "cash to close" mean?

Insurance

• What is mortgage insurance? How is it different from homeowner’s insurance?
• What is title insurance? Why do I need it?
• How do I know whether I need flood insurance?

Mortgage Payments

• What is included in my monthly payment?
• What is an escrow account? Is that different from the escrow I had when I bought my house?
• What happens when my loan is "sold"?
• Is there a pre-payment penalty on my loan?
• If I pay extra each month, how much quicker can I pay off my loan?
• What is the benefit of a "bi-weekly" mortgage?

Applying for a Loan

• Do I have to have a property to apply for a loan?
• What paperwork does the lender need to process the application?

Refinancing

• How do I know when it is a good time to refinance?

Types of Mortgage Loans

• What is a conventional loan?
• What is FHA and VA?
• What is a conforming loan? What is a non-conforming loan?
• Why should I choose a fixed rate over an adjustable rate loan?
• Is an equity loan the same as a second mortgage?
• What is a B/C loan?

Where the Money Comes From

• Who are Fannie Mae, Freddie Mac, and Ginnie Mae... and what do they have to do with home loans?

Is an equity loan the same as a second mortgage?

An equity loan is usually defined as a loan against the owner’s equity in the property. As there is usually a first mortgage against the property, the equity loan is usually a second mortgage on the property. An equity loan can be a "straight second" mortgage in which the borrower takes the loan in a lump sum and pays it back as agreed. A popular version of equity lending is the "equity line of credit" which is a more flexible way of using homeowner equity.

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