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Can I pay off my loan quicker than the payment schedule?

How do I choose between a 15-year term and a 30-year term fixed-rate mortgage?

The shorter the loan term, the less you will pay in interest over the long run, but the larger the monthly payment will be. Keep in mind that even with a Greater Alliance 30-year Fixed-Rate Mortgage Loan, there are no penalties for paying ahead of your payment schedule, so choosing a 30-year loan but making larger-than-scheduled payments could be a good compromise option.…

What is an inspection?

An evaluation of the property to find out if there are any problems with it that could change its value. The inspection also helps you decide if there are any items that you want the seller to repair before the final contract is signed. The inspector prepares a detailed report indicating any problems found, after inspecting the entire home.…

What is a homeowner’s warranty?

This warranty covers any repair to the structure, mechanical systems, and major appliances of the house for a certain time. This warranty is useful when purchasing an older home.…

What is prepayment?

Making early or extra payments towards the principal (amount borrowed). Prepayment can shorten the length of your mortgage and thus lower your total interest paid over the life of the loan.…

What is an appraisal?

An evaluation of the property’s value. The appraiser visits the house and reviews recent selling prices of similar homes within the area. You will probably pay an appraisal fee at closing or before.…

What is PMI?

Private Mortgage Insurance – Insurance the buyer carries to guarantee that the lender is paid off if the buyer defaults on a mortgage. It’s required for all mortgages with less than a 20% down payment. The exact amount depends on the amount of the loan and the size of the down payment.…

What are points?

Points are finance charges paid to the lender as part of the closing costs. Each point equals 1% of your total mortgage loan. Points can be negotiable and are sometimes tied to your interest rate. Paying more points to get a lower interest rate may be a good idea if you plan to take a long-term loan.…