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You're
shopping for a mortgage. You have options which consider
the amount of your down payment, how much you can afford
monthly, and the type of loan you are attracted to.
There
are two basic types of mortgages:
More info on
Adjustable
Rate Mortgages
Generally, lenders require 10% down for purchases, or 10% equity
for refinances. To avoid mortgage insurance or PMI, the requirements
are 20%. Also,
you can expect to pay closing costs, generally three to four
percent of the loan amount. For refinance loans, these closing
costs can be financed into the loan amount so that you don't
have to contribute cash if necessary.
Mortgage Calculators
More information on
Types of
Mortgage Loans
More information on
Fixed
Rate Mortgages
More information on
Adjustable Rate Mortgages
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