Real Estate: Mortgage Refinance Articles from EzineArticles.com
Real Estate: Mortgage Refinance Articles from EzineArticles.com
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Tue, Jan 06, 09
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Adjustable Rate Mortgage Payment Recast - What is It?
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Interest-only and negative amortization payments cannot go on forever. At some point, the loan balance must be paid in full. For all adjustable rate mortgages, there is a mandatory recast after a fixed period of time where the loan reverts to a conventionally amortizing loan to be paid over the remaining portion of a 30 year term.
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Tue, Jan 06, 09
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FICO Scores - How Your Credit Report is Assessed
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Lenders use a credit scoring system created by the Fair Isaac Corporation in order to assess a potential borrower's FICO score. Every borrower falls into this range, with the lowest possible score at 300 and the highest at 850. Borrowers with lower scores have to pay higher interest rates and loan origination fees because these borrowers are deemed as having more risk associated with lending money to them.
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