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Conforming vs conventional loans: where they overlap and where they don’t

Let’s face it: the world of mortgage loans can be confusing. For first-time homebuyers in particular, the lingo itself can be hard to get straight. For instance, do you know what a conforming loan is? How about a conventional one? Chances are, you thought of them as the same thing. Conventional loans are often confused …

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What is Private Mortgage Insurance and do I have to pay it?

When applying for a mortgage, the lender in question usually requires a down payment of 20% of the home’s total price. When the borrower can’t afford that amount, lenders tend to look at the loan as a ‘risky’ investment and require that the buyer take out PMI, or private mortgage insurance. PMI serves as an added …

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