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Mortgage, Home Loan or Deed of Trust: Know the Difference

While most consumers use “mortgage” and “home loan” interchangeably, the legal definition of these terms is different. This may not matter to you so much when you’re contemplating buying a home, but if you experience financial difficulties and the possibility of foreclosure, you’ll need to understand the impact of these terms and your state laws. …

How to Get the Best Interest Rates for Your Mortgage

Getting the best interest rates for your mortgage can save you big money when you’re buying a home. The larger your loan, the greater the impact a difference in interest rates will have on your monthly payments. For example, if you had a loan of $100,000, the monthly payments would rise by just $30 with an …

3 Bad Reasons to Refinance Your Home Loan Now

OcusFocus/iStock.com ’Tis the season to refinance: In the wake of the Fed’s first interest rate hike in nearly a decade, thousands of homeowners are worried rates will climb even higher and want to lock in a refinance in advance of any more increases. As we covered yesterday, there are plenty of good reasons to refinance right now. However, there …