Mortgage Basics

Jump in and get an overview on common
mortgage terms

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Application Checklist

Applying for a mortgage can seem like a daunting and scary process. To help, we've created a checklist of things for you to compile, complete and acknowledge before applying. See the fill list by clicking learn more below.

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Credit history is a recorded file of past and current credit that is utilized to compile a credit score. Read about credit, how it works, how to improve your score and more by clicking learn more below.

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Closing Costs

A closing cost is a payment required to finalize a home loan and is separate from a down-payment. Read about closing cost, their purpose, how you can pay them and more by clicking learn more below.

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An appraisal is an estimate of a property's fair market value and is required by a lender to ensure the loan amount is not more than the property value. Read about appraisals, how they work, ownership and more by clicking learn more below.

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Private Mortgage Insurance (PMI)

Private Mortgage Insurance or PMI is insurance that protects a lender from increased risk from borrowers putting less than 20% down on a house. Read about PMI, how it works, cost and more by clicking learn more below.

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Refinancing your mortgage is a common practice used to lower monthly payments, interest rates, lower your DTI and more. Read about refinancing, how it works, cost and more by clicking learn more below.

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Glossary of Terms

See a full list of mortgage terms by clicking learn more below.

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Foreclosure is the process of a lender seizing a property in accordance with the terms stipulated in the mortgage contract. Read about foreclosure and how to avoid it by clicking learn more below.

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About the Author: Laura Ray has 20+ years in real estate investment, mortgage lending, finance, and business growth & development. In addition, Laura is the FL State Advocacy Captain for the Association of Independent Mortgage Experts, a FL licensed Real Estate Agent, former IRS Enrolled Agent, and a Veteran advocate for legislative change. Her mortgage specialty is is self employed mortgage loans and she is one of the top mortgage brokers in Fort Myers and FL with one of the best Fort Myers mortgage companies. Laura has been featured and interviewed many times in Mortgage Professional America Magazine, Cape Coral Breeze, and NFM Neighbor.

About the Author: Debby Hernandez has been a Mortgage Loan Originator for over 30 years and is rated one of the best Fort Myers Mortgage Brokers leading one of the best Fort Myers Mortgage Companies as CEO. Debby specialized in complex loan scenarios and is trained in mortgage underwriting guidelines. With her extensive mortgage experience and mortgage loan processing prowess, she has served as a mentor for many Mortgage Loan Originators and in as expert in income and debt ratio calculations. She also has a standing reputation as a realtor resource for mortgage scenario solutions for challenging loan applications

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