Mortgage Refinance

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Asked by Thomas Terry
Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hi Thomas: Settlement charges are going to be the fees that you pay at closing for the cost of purchasing (or refinancing) a home. There will be charges from the le...
Q&A
Asked by Tony
Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hi Tony: Great question! Most of the world pays their mortgage every month, i.e., 12 payments. However if you split that into a payment every 2 weeks, you get 26 "h...
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Q&A
Asked by Jamie
Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Jamie: Thank you for your inquiry. DTI is determined by taking whatever secured debt you have (generally those on your credit report) against your income, represent...
Q&A
Asked by John
Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hi John: Yes there are definitely "no-cost" refinances. You will ALWAYS see fees but the key point is whether or not those fees are simply being "rolled into" the n...
Q&A
Asked by Erin
Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hi Erin: That depends on the type of loan you have. If it's an FHA loan, the new guidelines state that the MI will stay on for the life of the loan. If it is conven...
Q&A
Asked by Martha
Answered by Kim Miller, CFP®PRO+ in Redmond, WA
Yes, many banks will SLIGHTLY reduce the interest rate on a loan if you set up an escrow account with them for taxes and insurance. Good luck!
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