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The key differences in obtaining a mortgage for a condo versus a townhouse are related to ownership structure and property type. Condos are typically part of a larger building or complex with shared amenities, while townhouses are standalone units with individual ownership of both the unit and the land it sits on. Lenders may have different requirements and considerations for each type of property, such as the condo association's financial health and rules for condos, and the maintenance responsibilities for townhouses.

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5mo ago

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What are the pros and cons of refinancing a mortgage versus choosing a home equity loan?

The pros of refinancing a mortgage versus choosing a home equity loan is that one does not need to pay that much interest. The cons is that it is not that easy to refinance a mortgage.


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Claiming a mortgage deduction allows you to deduct the interest you paid on your mortgage from your taxable income, potentially reducing your tax liability. A standard deduction is a fixed amount set by the government that reduces your taxable income without the need for itemizing specific expenses like mortgage interest. The choice between the two depends on whether your total itemized deductions, including mortgage interest, exceed the standard deduction amount.


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Like other types of payment calculators, a mortgage calculator is helpful to determine the exact cost and the monthly payment of a mortgage. It is helpful because good calculators can help determine costs based on the life of the mortgage as well (i.e. 20 versus 30 years).


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Ultimately, mortgage lender fees vary based on credit scores, the term of the mortgage (i.e. 20 versus 30 years), and other variable factors. While there is no one universal lender deemed the best, the one most consistently gauged as being high quality is Quicken Loans.


What are the advantages and disadvantages of paying your mortgage bi-weekly versus monthly?

Paying your mortgage bi-weekly can help you save on interest and pay off your loan faster, but it may require more discipline to manage your budget. Monthly payments are simpler to track but may result in paying more interest over time.

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