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2. 6 ways to get the lowest rate on your next mortgage - AOL

   www.aol.com/finance/how-to-get-best-mortgage...

   Yes, a 1% drop in mortgage rates can save you a significant amount. For example, if you borrow $400,000 at 6% APR instead of 7% (with no PMI), your monthly payments will be $263 lower and you'll ...

3. First-Time Homebuyer’s Guide to Mortgage Loans ... - AOL

   www.aol.com/finance/first-time-homebuyer-guide...

   Down payment required: 3% (5% with adjustable-rate mortgage) Minimum credit score: 680 with less than 25% down Income restrictions: No more than 80% of area median income for property’s location

4. Mortgage application: What’s included and how to prepare - AOL

   www.aol.com/finance/mortgage-application...

   Here are questions to expect on a mortgage application. What is included in a mortgage application? The mortgage application is an individual’s formal request for funds to purchase a specific ...

5. Discount points - Wikipedia

   en.wikipedia.org/wiki/Discount_Points

   Discount points, also called mortgage points or simply points, are a form of pre-paid interest available in the United States when arranging a mortgage. One point equals one percent of the loan amount. By charging a borrower points, a lender effectively increases the yield on the loan above the amount of the stated interest rate. Borrowers can ...

6. State of New York Mortgage Agency - Wikipedia

   en.wikipedia.org/wiki/State_of_New_York_Mortgage...

   The State of New York Mortgage Agency (SONYMA or Sonny Mae) is a New York State public-benefit corporation created in 1970 by the state government of New York to provide affordable homeownership to low-and moderate-income New Yorkers. [1] [2] It offers affordably priced fixed-rate mortgages through several mortgage programs

7. Good faith estimate - Wikipedia

   en.wikipedia.org/wiki/Good_faith_estimate

   This is an upfront charge paid to the lender to get a lower mortgage rate – the same as “buying the rate down” 803 - Appraisal Fee; This is the cost of the independent appraisal. It is usually paid by the buyer. 804 - Credit Report; This is the cost of the credit report. The lender does not have to pass this cost along to the buyer.

8. The dean of NYC’s housing market dissects a puzzle ... - AOL

   www.aol.com/finance/dean-nyc-housing-market...

   However, lower mortgage rates mean that more buyers can enter the market and more will be using a mortgage to finance their purchase. The current 30-year fixed-rate mortgage is 6.72%, according to ...

9. Mortgage - Wikipedia

   en.wikipedia.org/wiki/Mortgage

   For high-ratio mortgage (loan to value of more than 80%), which is insured by Canada Mortgage and Housing Corporation, the rate is the maximum of the stress test rate and the current target rate. However, for uninsured mortgage, the rate is the maximum of the stress test rate and the target interest rate plus 2%. [ 21 ]