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Mortgage Basics

Mortgage Interest Rates: What You Need to Know When Buying a Home

Posted in Mortgage BasicsPosted by Maple Tree Funding

Mortgage interest rates are one of those things that people care a lot about when they are shopping for a home, but often misunderstand. At Maple Tree Funding, we’re in the business of helping people finance their homes, and we are passionate about all things mortgage. We work hard to ensure that our clients and customers understand the mortgage process and all the components that impact what they will pay for their home. Here, we’ll…

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Home Mortgage Loans & Your Credit Score: What You Need to Know

Posted in Mortgage BasicsPosted by Maple Tree Funding

Despite their importance and influence when it comes to obtaining a mortgage and financing a home purchase, most home buyers have a limited understanding of what credit scores are and what they mean. Here, our mortgage experts will tell you everything you need to know about credit scores in relation to home mortgages so you’ll be well prepared as you start the mortgage process and work towards purchasing your next home! What is a Credit…

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The What, Why & How of Mortgage Escrow Accounts

Posted in Mortgage BasicsPosted by Maple Tree Funding

Many homeowners who plan for a mortgage payment within their budget are unpleasantly surprised to discover their lender requires an additional amount, paid monthly, called ‘Escrow’. What is Escrow? Escrow is basically an account that is separate from your ‘mortgage payment’ where funds are deposited to specifically pay for items that relate to home ownership, such as property taxes and private mortgage insurance (PMI). It is typically an amount over and above the principal and…

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Mortgage Down Payments & Private Mortgage Insurance (PMI)

Posted in First Time Homebuyers, Mortgage BasicsPosted by Maple Tree Funding

The Down Payment Hurdle: How Much is Too Much? For most first-time home buyers, saving enough money for a down payment is the biggest hurdle to owning a home. Traditionally, lenders have required a down payment of at least 20% of the home’s purchase price, which can be daunting for many. However, many lenders will now accept less than 20% of the home’s purchase price if the borrower also pays for private mortgage insurance (PMI). In…

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The Benefits of Rounding Up Your Mortgage Payments

Posted in Mortgage BasicsPosted by Shane Latza

If you own a home, you likely make it a point to save each month in order to make sure that you can make your monthly mortgage payment and you are never late. Though you save and save each month, it may feel like you’re never going to reach the day when your mortgage is paid off. Reducing your mortgage term may seem appealing, but it also may seem impossible. If you are looking to reduce…

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