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Looking for a loan?

What to look for?

1. The rate advertised is not as important as the A.P.R.That stands for annual percentage rate.

2. How long are you going to stay in the house? Don't pay a lot of upfront fees if you plan to move soon.

3. Do you have to pay mortgage insurance? This is very expensive.

4. Is there a prepay penalty?

5. What are the fees of the loan?

6. Is it fixed or variable?

Many more questions. Please refer to Fannie Mae for more help.

 

 

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