Mortgage Basics



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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