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The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
Mortgage preapproval is a lender's conditional commitment to offer you a specific loan amount, usually good for 90 days. It involves filling out a full mortgage application, uploading financial ...
A mortgage prequalification lets potential homebuyers know how big of a loan they can qualify for. Prequalification is faster and easier to get than preapproval. Getting prequalified usually doesn ...
Mortgage assistance programs: Fannie Mae and Freddie Mac offer conventional mortgages with low down payments and homeownership education. The minimum down payment is 3 percent. The minimum down ...
A home mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income [1] by the amount of interest paid on the loan which is secured by their principal residence (or, sometimes, a second home). The mortgage deduction makes home purchases more attractive, but contributes to higher house prices. [2] [3]
Mortgage calculators are frequently on for-profit websites, though the Consumer Financial Protection Bureau has launched its own public mortgage calculator. [ 3 ] : 1267, 1281–83 The major variables in a mortgage calculation include loan principal, balance, periodic compound interest rate, number of payments per year, total number of payments ...
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