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Everyone knows property taxes have to be paid. With a mortgage-free house, you pay the taxes directly to the municipality. But that's not necessarily the case when you have a mortgage. By default, most lenders will automatically include part of the property taxes with your regular mortgage paym...
The interest adjustment date, or IAD, is the day your mortgage effectively begins to run. Not understanding how they work can devastate your carefully planned cash flow on closing day. Most lenders use the KISS approach to amortizing your mortgage. They like to begin your pay back schedule on t...
What type of documentation is required to prove your income? Depending on the type and source of your income, the answer to this question is different. Here is a guideline you should follow so you are prepared when it comes time to arranging your mortgage: If you are a salaried or hourly employ...
When you apply for a loan or mortgage, the first place a lender goes to check you out is the credit bureau to determine your credit profile. Credit bureaus are private companies. Their business is the collection of financial data regarding the credit habits and history of consumers and businesses...
The most popular subject when talking about mortgages is interest rates. And getting a good rate can make a big difference in your total interest cost. For example, I can currently get 1.75% off the banks posted 5-year rate. On a $100,000 loan, that represents a savings of $8,750. And because...
"What is money laundering?Money laundering is the process used to disguise the source of money or assets derived from criminal activity. Profit-motivated crimes span a variety of illegal activities from drug trafficking and smuggling to fraud, extortion and corruption. The scope of criminal proce...