10 Mortgage Abbreviations You Need To Know » Mortgage Masters Group

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When it comes to getting a mortgage on a property that’s in a PUD, you will definitely need to make sure your mortgage lender is aware your property is in a PUD. If you’re getting serious enough to write an offer on a property that’s in a PUD, your realtor will probably have told you that it’s in a PUD.

She just finished her master. but you don’t have the full 20 percent down payment saved. There are many good mortgage programs for first-time home buyers. (See a summary in my fellow planner Mark.

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At first MI looks like an abbreviation for the state of Michigan. MI means mortgage insurance, and you’ll sometimes see it written as pmi (private mortgage insurance) or LMPI (lender-paid mortgage insurance). Mortgage insurance is required if your down payment on a home is less than 20 percent of the appraised value or sale price.

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Browse and search thousands of Mortgage Abbreviations and acronyms in our comprehensive reference resource.. Know a good shorthand in the Mortgage jargon that we miss? Don’t keep it to yourself! Add it HERE!. Get instant explanation for any acronym or abbreviation that hits you anywhere on.

A minimum repayment is just that – for most loans there is no reason you can’t pay more, whether here and there or regularly. By rounding up to a full number or contributing an extra $100 or even $10, you’ll significantly reduce your mortgage. It may also be worth considering putting all bonuses, tax returns and gifts into your mortgage.