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What Is My Credit Score

December 29, 2023

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Mortgage pre-approvals outline the interest rate and amount borrowed offered a long time before the purchase closing date. Mortgage Value Propositions highlight the financial merits of replacing rental payments with affordable mortgage installments. Fixed rate mortgages provide certainty but reduce flexibility relative to variable rate mortgages. The mortgage prepayment penalty or interested rate differential cost analysis compares terms negotiated originally less today’s posted rates determining lost revenue compensations for breaking commitments ahead maturity when refinancing amounts owing or selling properties. Variable rate mortgages are less costly short term but have interest and payment risk upon renewal. Skipping or delaying home loan repayments harms credit ratings and may lead to default or power of sale. The standard mortgage term is 5 years but shorter and longer terms ranging from six months to decade are available.

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