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Mortgage Protection Insurance: Explained Rocket …

First, the beneficiary of an MPI policy typically isn’t your family – it’s your mortgage company. If you die, your family doesn’t see a lump sum of cash like they would … See more

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URL: https://www.rocketmortgage.com/learn/mortgage-protection-insurance

What Is Debt-To-Income Ratio (DTI)

WEBYour debt-to-income ratio (DTI) is an important part of how mortgage lenders evaluate your financial health. DTI ratios represent how much debt you have compared …

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How To Buy A House With Bad Credit Rocket Mortgage

WEBThe minimum score required for a mortgage will vary by lender and loan type. Conventional loans have a minimum credit score of 620, while government-backed …

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Physician Loans: A Good Option For Doctors

WEBIt’s based on insurance rates, so it varies, but PMI typically costs 0.1% – 2% of your loan amount per year. That could be hundreds of dollars extra on a monthly payment, …

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Pros And Cons Of Refinancing Rocket Mortgage

WEBBy refinancing to the lower interest rate, you save $9,131 in total interest paid over the life of the loan. 3. You Could Save More Each Month. If you refinance to the same term as …

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Hazard Insurance: What You Need To Know Rocket …

WEBHazard insurance protects your home from natural disasters or hazards. It’s usually a requirement when qualifying for a mortgage. Some regions also require the …

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How Your Home Can Affect Your Well-Being Rocket …

WEBRelationships are just as important to your well-being as your physical home environment – if not more. Dr. Manly 16 explains that “dysfunctional relationships can …

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First-Time Home Buyer Tips: A Guide Rocket Mortgage

WEBCash-out Refinance. NMLS #3030. 1. Be Sure You’re Ready To Commit To A Loan. One of the most important things for first-time home buyers to know is that they shouldn’t …

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How To Help End Homelessness: 7 Services And Resources

WEBHow to support: Become a mentor for youth experiencing homelessness in your community. Health Care For All. Oftentimes, chronic health conditions lead to …

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Buying A House As-Is: What To Know Rocket Mortgage

WEBHome Inspections Are A Must For ‘As-Is’ Sales. If you want to buy an “as-is” home, you’ll definitely want to get a home inspection.A home inspector will let you know …

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Home Improvement Grants To Fund Repairs Rocket Mortgage

WEBThe Section 504 Home Repair Program, also known as Single-Family Housing Repair Loans and Grants, is a government-backed loan program overseen by …

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FHA Appraisals: What You Can Expect Rocket Mortgage

WEBThe time it takes to close on a house after an appraisal varies. Usually, the FHA loan process takes anywhere between 30 – 60 days. However, appraisal problems …

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8 Tax Deductions For Homeowners Rocket Mortgage

WEBIn the past, homeowners could deduct up to $1 million in mortgage interest. However, the Tax Cuts and Jobs Act has reduced this limit to $750,000 as a single filer …

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15 Moving Assistance Programs Rocket Mortgage

WEBMoving Assistance Resources. The average cost of a long-distance – generally 100 miles or more – household move is currently $4,300. The average cost for …

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FHA Minimum Property Standards Checklist Rocket Mortgage

WEBAdditionally, a home’s major systems, basement or crawl space, and bathrooms are all checked to make sure they’re in working order. Now that you …

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Pros And Cons Of Manufactured Homes: A Guide Rocket Mortgage

WEBAccording to the latest available data from the U.S. Census Bureau, the average cost of manufactured homes was $128,300 as of October 2022 across all available widths. The …

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Mortgage Qualification Rocket Mortgage

WEBQualifying for a mortgage involves a lot of pieces coming together. Lenders will be reviewing your income, assets, credit score, debt-to-income ratio and many other …

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Buying A House With A Septic Tank: Pros And Cons

WEBCons. Unfortunately, you might also experience these drawbacks when using a septic tank: Maintenance costs $300 – $600 every few years (which can still be …

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Home Loans For People With Disabilities Rocket Mortgage

WEBA household income below 50% of the area median income. Age 62 or older for a grant and unable to repay a repair loan. Loan limits for 2023: $40,000. Grant limits …

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