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Table of Contents
Five Things You Need To Know Before Refinancing a Mortgage
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First: Should You Refinance?
I. Introduction………..3
II. Should You Refinance?...4
Second: What Does Your Credit Look Like? III. Your Credit Rating………6
IV. What is a Credit Score?...7
Third: What Will Refinancing Cost? V. Costs & Fees..………..………….…………7
VI. Fee Chart………8
VII. 30 Year vs. 15 Year………9
VIII. Rates & Points……….11
Fourth: Shop Around for the Best Deal IX. Lenders & Brokers….………13
X. Shop Compare & Negotiate………..………15
XI. Make The Lenders Compete………..………..15
XII. Mortgage Shopping Worksheet………..………17
Fifth: Common Pitfalls to Avoid XIII. Fair Lending Laws………...19
XIV. Protect Yourself From Predatory Lending……….…....…19
XV. What Tactics do Predatory Lenders Use?………20
XVI. Options If Your Loan is Not Approved……….……..…..….21
Online Resources……….………23
Glossary of Terms………25
Intro
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gage intere previous m ng out the ntense com e it much e gs, to obtaiNumber One: Should you Refinance?
If you are a mortgage holder who was fortunate enough to finance with a low interest rate, you may not want to refinance your present mortgage. Maybe you financed your home when mortgage rates were higher. Or perhaps you have an adjustable rate mortgage and would like to refinance under better terms. Consider also that if you lower your interest rate by refinancing you would also lower your monthly mortgage payment. By refinancing you could potentially shorten the term of your loan and pay less interest for your home. You could also borrow money against your home to pay off other higher interest debt. Should you refinance your mortgage? This book will answer some questions that may help you decide. If you do refinance your mortgage, the process will remind you of what you went through financing the original mortgage. That is because refinancing is simply taking out a new mortgage. You will have many of the same procedures, as well as the same expenses, during the refinance.
hand to pay an additional amount each month, you can pay down the principal on the loan faster by making additional payments.
If you are considering borrowing against the equity in your home to pay off other bills or make a purchase, the interest rate may not be the most significant factor for you to consider. If you are planning on paying off high interest rate credit cards it may be worth your while to refinance even if the rate is slightly higher than your current mortgage rate.
Consider the Loan to Value of your home when making your decision to refinance. The Loan to Value is the ratio of the mortgage loan amount to the value of your home. For instance, if your home is worth $200,000 and the loan amount is $150,000, then your Loan to Value is 75%. ($150,000 divided by $200,000 multiplied by 100 = the percentage) Your lender will consider this value when approving your loan as there is a maximum Loan to Value ratio they will loan to. Keep in mind that the interest rate you receive can be tied to the Loan to Value amount of your property. Generally, the higher the Loan to Value, the higher your interest rate will be. Your credit score may also be tied to the Loan to Value ratio that you are able to qualify for when the lender approves your loan. We will discuss how credit scores affect your mortgage in a later section of this book. To Summarize, refinancing a mortgage can be a good idea for any homeowner who:
• Wants to get out of a high interest rate loan to take advantage of lower mortgage rates. This is a good idea only if they intend to stay in the house long enough to make the additional fees worthwhile.
• May have originally purchased their home on a Real Estate contract and want to have the property and the mortgage in their own name.
• Have an adjustable rate mortgage and want a fixed rate mortgage to have the certainty of a fixed mortgage payment for the duration of the loan.
• Wants to build up the equity in their home more quickly by converting to a loan with a shorter term.
• Wants to draw on the equity remodel their home or to get cash for a major purchase or for their children's college expenses.
If you decide that refinancing is not worth the expense, ask your mortgage lender whether you may be able to obtain all or some of the new terms you want by agreeing to a modification of your existing mortgage.
Number Two: What does your credit look like?
Your credit rating is one of the main considerations lenders use when deciding whether or not to approve your loan. This will also help determine your interest rate. Credit ratings have become much less restrictive when applying for loans today; however, excellent credit will guarantee a better interest rate. The first thing you must do is ensure your credit reports are accurate. To do this you’ll need
to request a copy of your credit report from each of the three
credit reporting agencies: Equifax, Experian, and TransUnion. Be careful when obtaining your credit reports as many companies
providing these reports will almost always try and sell you services that you do not want or need. Recent legislation requires reporting agencies to provide one free
copy of their credit history per year. You can sign up for this at
AnnualCreditReport.com (click the link to visit
the website). This site will allow you to receive one report for each of the reporting agencies every twelve months. If you are unable to use this service or need additional reports you will need to pay for them.
An excellent resource for additional credit reports is “Online Credit Info”:
will need to carefully review each of these reports for errors. If you discover errors you can dispute items on your credit report by contacting the individual credit agency. Contact information for each credit agency is listed below:
Equifax http://www.equifax.com (800) 685-1111
Experian http://www.experian.com (888) 397-3742
TransUnion http://www.transunion.com (800) 916-8800
The credit agencies use the information on your credit history to calculate your credit score. A credit score is a complex mathematical model that evaluates many types of information in a credit file. A credit score is used by a lender to help determine whether a person qualifies for a particular credit card, loan, or service. Most credit scores estimate the risk a company incurs by lending a person money or providing them with a service –– specifically, the likelihood that the person will make payments on time in the next two to three years. Generally, the higher the score, the less risk the person represents. The free credit reports you receive online typically do not show your credit score. An excellent resource to view your credit score online is “Free Credit Score”: http://CreditScore.Refiadvisor.com (click the link to visit the website). If you are concerned about a poor credit rating remember this: It is much easier to secure financing today with poor credit than it was ten years ago. You may pay a higher interest rate for your financing; however, you should not have a problem locating lenders that will work with you.
Number Three: What Will Refinancing Cost?
There are many costs associated with refinancing your mortgage. Some can be avoided. The fees described below are the charges that you are most likely to encounter in a refinancing.
• Title Search & Title Insurance. This charge will cover the cost of examining the public records to confirm ownership of the property. It also covers the cost of a policy, usually issued by a title insurance company, which insures the policy holder in a specific amount for any loss caused by discrepancies in the title to the property. Be sure to ask the company carrying the present policy if it can re-issue your policy at a re-issue rate. You could save up to 70 percent of what it would cost you for a new policy.
Because costs may vary significantly from area to area and from lender to lender, the following are estimates only. You may be able to avoid many of these fees by using documents from your previous closing. The appraisal, survey, and title search from your previous closing may still be valid for your second closing. Make sure you have all of your closing papers in a safe place. Your actual closing costs may be higher or lower than the ranges indicated below:
Application Fee $75 to $300 Appraisal Fee $150 to $400 Survey Costs $125 to $300 Homeowner’s Hazard Insurance $300 to $600 Lender’s Attorney’s Review Fees $75 to $200 Title Search and Title Insurance $450 to $600 Home Inspection Fees $175 to $350 Loan Origination Fees 1% of loan Mortgage Insurance 0.5% to 1.0%
Points 1% to 3%
• Lender’s Attorney’s Review Fees. The lender will usually charge you for fees paid to the lawyer or company that conducts the closing for the lender. Settlements are conducted by lending institutions, title insurance companies, escrow companies, real estate brokers, and attorneys for the buyer and seller. In most situations, the person conducting the settlement is providing a service to the lender. You may also be required to pay for other legal services relating to your loan which are provided to the lender. You may want to retain your own attorney to represent you at all stages of the transaction including settlement.
• Loan Origination Fees and Points. The origination fee is charged for the lenders work in evaluating and preparing your mortgage loan. Points are prepaid finance charges imposed by the lender at closing to increase the lender’s yield beyond the stated interest rate on the mortgage note. One point equals one percent of the loan amount. For example, one point on a $75,000 loan would be $750. In some cases, the points you pay can be financed by adding them to the loan amount. The total number of points a lender charges will depend on market conditions and the interest rate to be charged.
• Appraisal Fee. This fee pays for an appraisal which is a supportable and defensible estimate or opinion of the value of the property. An excellent online resource for an appraisal is: Electronic Appraiser at http://eappraiser.refiadvisor.com (click to visit)
mortgage loan varies by state, type of lender, and type of loan. Prepayment penalties are forbidden on various loans including loans from federally chartered credit unions, FHA and VA loans, and some other home-purchase loans. The mortgage documents for your existing loan will state if there is a penalty for prepayment. In some loans, you may be charged interest for the full month in which you prepay your loan.
• Miscellaneous. Depending on the type of loan you have and other factors, another major expense you might face is the fee for a VA loan guarantee, FHA mortgage insurance, or private mortgage insurance. There are a few other closing costs in addition to these.
To summarize costs: A homeowner should plan on paying an average of 3 to 6 percent of the outstanding principal in refinancing costs, plus any prepayment penalties and the costs of paying off any second
mortgages that may exist.
One way of saving on these costs is to check first with the lender who holds your current mortgage. The lender may be willing to waive some of them, especially if the work relating to the mortgage closing is still current. This could include the fees for the title search, surveys, inspections, and so on.
30 Year vs. 15 Year Mortgage Terms
Another thing to consider is the term of your loan.
Advantages Considerations
15 Year
Lower Overall Mortgage Cost Higher Monthly Payment
Builds Equity Faster Must Qualify for Higher Monthly Payment
You have Debt for Only 15 Years You have Less Cash for Other Expenses
Lower Interest Rate Less Money goes toward Tax Deductions
30 Year
Lower Monthly Payment Higher Overall Mortgage Cost
Qualifying is Easier You Pay More in Overall Interest
You have More Cash for Other Expenses You have Debt for 30 Years
More Money goes toward Tax Deductions Higher Interest Rate
In addition to considering a 15 year vs. 30 year mortgage you should decide on fixed rate vs. adjustable rate mortgages. The decision to finance with a fixed or adjustable interest rate comes down of several questions. First, how long do you plan to keep your home? If you know that you will be selling the house within 3 to 5 years then the clear choice is an adjustable rate mortgage. The most common adjustable rate loans have fixed rates for the first 3 to 5 years of the loan. These 3 and 5 year adjustable rate mortgages will offer better interest rates than a 30 year fixed mortgage. The same principal holds if you know you will be refinancing your mortgage in 3 to 5 years, for example to buy a vacation home.
mortgage. You might pay a slightly higher interest rate but your payments will not go up due to interest rate hikes.
Rates and Points
There are a number of factors that determine the mortgage interest rates for any given borrower. These factors include: the type of loan you are applying for, (fixed vs. adjustable) your credit score, the Loan to Value ratio of your home, your documentation, the type of property, and the points you pay. If you opt for a fixed rate mortgage your interest rate will be higher than an adjustable rate mortgage. Fifteen-year mortgage interest rates are also typically lower than 30 year interest rates. As mentioned earlier, generally speaking, the higher your Loan to Value ratio, the higher your interest rate will be. Your documentation can also affect the interest rate of your mortgage. Some programs require very little documentation of your assets or income; these programs serve a purpose, but typically charge much higher interest rates. The more documentation of your pay stubs, tax returns, and bank statements you can provide, the easier it will be for you to quality for a low interest rate mortgage. The type of property you are refinancing can also affect your mortgage interest rate. Interest rates are typically lower for your primary residence vs. second homes or investment properties.
Points act to lower the interest rate you qualify for by pre-paying a portion of the interest before the loan. A "point" or "discount point" is equivalent to 1% of the loan and usually reduces or "discounts" the loan rate by an eighth of a percentage point. For example: You want to get a loan for $100,000 to buy a home. Each "point" would cost you 1% of $100,000 or $1,000 but would reduce your loan's interest rate by .125%. The lender might offer you an 8.0% loan with zero points, a 7.875% loan with one point, or a 7.75% loan with 2 points.
use points to make their interest rates appear lower. Be aware that lower interest rate offered by a lender may translate into higher points requirements.
Will You Have to Pay a Penalty?
Be sure and check if your current mortgage has a pre-payment penalty. Many mortgage lenders do include payment penalties in their offerings. Most pre-payment penalties only last for the first three years of the loan, so if you have one and have been in your house for a while you may not have to pay it. There are two types of pre-payment penalties: hard and soft. The hard pre-payment penalty goes into effect whether you sell your house or refinance the mortgage. A soft penalty only applies if you refinance the mortgage; not when you sell the house. If you think you might have to move within the first three years of owning the home, make sure you let the broker know you require a soft pre-payment penalty only.
Obtain All Important Cost Information
You will often be able to roll your closing costs and pre-paid items into the loan amount of your mortgage, so you won’t have to come up with all the cash at closing. Be sure to get information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough. Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information.
Number Four: Shop Around
For the Best Deal
Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage—whether it’s a home purchase, a refinancing, or a home equity loan—is a product, just
like a car, so the price and terms may be negotiable. You’ll want
to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
should consider contacting more than one broker, just as you should with banks or thrift institutions.
There’s no harm in asking lenders or brokers if they can give better terms than the original ones they quoted or than those you have found elsewhere. Once you are satisfied with the terms you have negotiated, you may want to obtain a written lock-in from the lender or broker. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, and the number of points to be paid. A fee may be charged for locking in the loan rate. This fee may be refundable at closing. Lock-ins can protect you from rate increases while your loan is being processed; if rates fall, however, you could end up with a less favorable rate. Should that happen, try to negotiate a compromise with the lender or broker. Remember: Shop, Compare, and Negotiate. When searching for a loan, it is important to shop around, compare costs and terms, and to negotiate for the best deal. Your local newspaper and the Internet are good places to start shopping for a loan. You can usually find information both on interest rates and on points for several lenders. Since rates and points can change daily, you’ll want to check your newspaper often when shopping for a home loan. But the newspaper does not list the fees, so be sure to ask the lenders about them.
Use the Internet to get lenders to compete for your business. There are several sites on the web you can use to do this. RefiAdvisor has an excellent mortgage tool for comparing loan offers. (See the link below) Be careful using sites that ask for your Social Security Number. Make sure the sites use Secure Socket Layer (SSL) when entering your information. The Mortgage Tool only asks for your contact information and does not require a Social Security Number. Fill out one short form to receive multiple competitive quotes from a vast network of screened lenders and mortgage brokers. It’s a simple, one page, no-obligation request form requires no sensitive information.
Other resources include:
http://LowCostLending.Refiadvisor.com http://LendersBlock.Refiadvisor.com
http://LowRateSource.Refiadvisor.com http://ALP.Refiadvisor.com
http://Ameriquest.Refiadvisor.com http://PlanetLoan.Refiadvisor.com
There is a complete list of direct lenders and brokers available in the Resources
Section. You should fill out the contact forms located on each of these sites to
receive as much information and as many offers for your loan as possible.
Mortgage Shopping Worksheet
2 Name of Lender: . . . Name of Contact: . . . Date of Contact: . . . Mortgage Amount: . . . mortgage 1 mortgage 2 mortgage 1 mortgage 2Basic Information on the Loans
Type of Mortgage: fixed rate, adjustable rate, conventional, FHA, other? If adjustable, see below . . . Minimum down payment required . . . Loan term (length of loan) . . . Contract interest rate . . . Annual percentage rate (APR) . . . Points (may be called loan discount points) . . . Monthly Private Mortgage Insurance (PMI) premiums . . . . How long must you keep PMI? . . . Estimated monthly escrow for taxes and hazard insurance Estimated monthly payment (Principal, Interest, Taxes, Insurance, PMI) . . .
Fees
Different institutions may have different names for some fees and may charge different fees. We have listed some typical fees you may see on loan documents.
Application fee or Loan processing fee . . . Origination fee or Underwriting fee . . . Lender fee or Funding fee . . . Appraisal fee . . . Attorney fees . . . Document preparation and recording fees . . . Broker fees (may be quoted as points, origination fees, or interest rate add-on) . . . Credit report fee . . . Other fees . . .
Other Costs at Closing/Settlement
Title search/Title insurance
For lender . . . For you . . . Estimated prepaid amounts for interest, taxes, hazard insurance, payments to escrow . . . State and local taxes, stamp taxes, transfer taxes . . . Flood determination . . . Prepaid Private Mortgage Insurance (PMI) . . . Surveys and home inspections . . .
Mortgage Shopping Worksheet—Page 2
Lender 1 Lender 2 Name of Lender: . . . mortgage 1 mortgage 2 mortgage 1 mortgage 2Other Questions and Considerations about the Loan
Are any of the fees or costs waivable? . . .
Prepayment penalties
Is there a prepayment penalty? . . . If so, how much is it? . . . How long does the penalty period last? (for example, 3 years? 5 years?) . . . Are extra principal payments allowed? . . .
Lock-ins
Is the lock-in agreement in writing? . . . Is there a fee to lock-in? . . . When does the lock-in occur—at application,
approval, or another time? . . . How long will the lock-in last? . . . If the rate drops before closing, can you lock-in at a lower rate? . . .
If the loan is an adjustable rate mortgage:
What is the initial rate? . . . What is the maximum the rate could be next year? . . . What are the rate and payment caps each year and over the life of the loan? . . . What is the frequency of rate change and of any changes to the monthly payment? . . . What is the index that the lender will use? . . . What margin will the lender add to the index? . . .
Credit life insurance
Does the monthly amount quoted to you include a charge for credit life insurance? . . . If so, does the lender require credit life insurance as a condition of the loan? . . . How much does the credit life insurance cost? . . . How much lower would your monthly payment be without the credit life insurance? . . . If the lender does not require credit life insurance, and you still want to buy it, what rates can you get
Number Five: Common Pitfalls to Avoid
Fair Lending Is Required by Law. The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant’s income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act. The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin. Under these laws, a consumer cannot be refused a loan based on these characteristics nor be
charged more for a loan or offered less favorable terms based on such characteristics.
Protect Yourself from Predatory Lenders
Buying or refinancing your home may be one of the most
important and complex financial decisions you'll ever make.
Many lenders, appraisers, and real estate professionals stand ready to help you get a nice home and a great loan. However, you need to understand the home buying process to be a smart consumer. Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud.
What is Predatory Lending?
In communities across America, people are losing their homes and their investments because of predatory lenders, appraisers, mortgage brokers and home improvement contractors who:
• Sell properties for much more than they are worth using false appraisals.
• Encourage borrowers to lie about their income, expenses, or cash available for down payments in order to get a loan.
• Charge high interest rates to borrowers based on their race or national origin and not on their credit history.
• Charge fees for unnecessary or nonexistent products and services.
• Pressure borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.
• Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in need of cash due to medical, unemployment or debt problems.
• "Strip" homeowners' equity from their homes by convincing them to refinance again and again when there is no benefit to the borrower.
• Use high pressure sales tactics to sell home improvements and then finance them at high interest rates.
What Tactics Do Predatory Lenders Use?
• A lender or investor tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses. • The house you are buying costs a lot more than other homes in the neighborhood, but isn't
any bigger or better.
• You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.
• You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not.
• The cost or loan terms at closing are not what you agreed to.
• You are told that refinancing can solve your credit or money problems.
• You are told that you can only get a good deal on a home improvement if you finance it with a particular lender.
Remember:
If a deal to buy, repair or refinance a house sounds too good to be true, it usually is!
Reasons a Loan May Not Be Approved
There are several common reasons why lenders deny a loan application.
• Not enough income - Your ability to pay off a loan is reflected in your current earnings and your future income potential. Lenders may decline a loan if the homebuyer does not meet the income requirements or cannot show proof of stable income. It is to your advantage to establish a consistent and stable income.
• Too much debt - If your existing debts (credit cards, car loans, student loans) exceed the debt-to-income ratio for the loan, determine if you can pay off some of your debts before you apply for a mortgage. If you have credit cards you don't use, cancel them. Inactive credit cards are still considered potential debt. For more assistance with debt consolidation or other credit needs, contact a HUD Housing counseling agency.
Options If Your Loan Is Not Approved
A lender is required by law to explain in writing the reasons why your loan was not approved. An important thing to remember is that if the lender declines your loan application it does not necessarily mean that the purchase of a home is not in your future.
You still have some options available:
• Consider another lender - You may want to research other lenders in your area. Fees and loan options vary by lender. You may be able to find another lender that offers more suitable loan packages or charges lower fees.
• Increase your equity - If you can increase the equity in your home, you will reduce the amount of money you have to borrow. This might help you qualify for the loan.
• Contact local HUD Office - Check with your local HUD office about additional programs and resources available to you, or Click here for a list of HUD programs available nationwide.
• Consumer Credit Protection Act (1960) - Guarantees confidentiality of credit reports and allows consumers to correct inaccurate information in their reports.
• Equal Housing Opportunity - Prohibits housing discrimination based on race, sex, marital status, color, religion, age, handicap, family status or national origin.
• Fair Housing Act - Prohibits the discrimination based on race, sex, marital status, handicap, or national origin in any real estate transaction.
• Federal Consumer Credit Protection Act (commonly known as the Truth in Lending Act) (1969) - Requires that lenders disclose the actual terms and conditions of a loan before an applicant commits to the loan.
• Home Mortgage Disclosure Act (1975) - Provides information to help determine whether public institutions are assisting the housing needs of their communities and neighborhoods.
• Real Estate Settlement Procedures Act of 1974 (RESPA) - Encouraging homeownership through consumer protection, this act regulates certain lending actions related to closing/settlement. Some of its provisions are:
- RESPA requires lenders to provide buyers a good faith estimate of the cost of the loan, including disclosure of the Annual Percentage Rate (APR).
- RESPA requires lenders to provide buyers with general information about settlement costs.
- Lenders must provide buyers a copy of the Mortgage Servicing Disclosure Statement, regarding loan servicing and transfer.
- Within three days after receiving the loan application, lenders must provide the buyer with an estimate of closing costs and monthly payments.
- RESPA provides the borrower the opportunity to see the HUD-1 Settlement Statement one day before the actual settlement.
- Prohibits kickbacks between Real Estate professionals for referrals and prohibits fee-splitting and receiving unearned fees for services not rendered.
Online Resources
Fill out the contact forms at each of the links below to receive information and offers from the maximum number of lenders and brokers.
Credit Resources
Annual Credit Report Request a free copy of your credit history from each reporting agency. Available once every 12 months. Does not provide your credit score.
http://www.AnnualCreditReport.com
Online Credit Info
(Top Rated)
Receive a free copy of your credit history and a free 30-day trial membership in the Credit Monitoring Program. This service provides important information about understanding and maintaining your credit history.
http://OnlineCreditInfo.Refiadvisor.com
Free Credit Score Get your credit score free and receive a free
trial of the “Privacy Matters” service. http://CreditScore.Refiadvisor.com
Make The Lenders Compete
America’s Lending Partners
(Top Rated)
Whether your Credit is Perfect or Less than Perfect, you can find the best deal on your home loan. It's personal, convenient, and secure. The Service is free and there is no obligation. Complete one form and lending partners will call you directly. You compare the loan offers and decide which offer is best for you.
http://ALP.Refiadvisor.com
Planet Loan Country-Wide Lender - Regardless of credit issues, Full Spectrum Lending will work with you to find the best loan for your situation.
Online Resources
(Page Two)RefiAdvisor Mortgage Tool
(Top Rated)
Fill out one short form to receive multiple competitive quotes from a vast network of screened lenders and mortgage brokers. It’s a simple, one-page, no-obligation form that requires no sensitive information.
http://www.refiadvisor.com/refinance.php
Lender’s Block Get up to four free quotes in minutes. Fast and easy application. Requires no sensitive information. No obligation.
http://LendersBlock.Refiadvisor.com
Low Cost Lending Free rate checks. No obligation, No Credit Check.
http://LowCostLending.Refiadvisor.com
Low Rate Source Search rates for a variety of different lenders.
http://LowRateSource.Refiadvisor.com
National Lenders
ING Direct
(Top Rated)
Great Rates, No Points, Guaranteed low closing costs. Save thousands with ING’s Orange Mortgage.
http://ING.Refiadvisoro.com
Ameriquest Mortgage Ameriquest is the nation’s leader in sub-prime mortgages with over 250 branches nationwide.
http://ameriquest.refiadvisor.com
Miscellaneous Resources
Electronic Appraiser With Electronic Appraiser anyone can instantly determine the value of any home. It’s quick & easy.
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een the termina ew home befor
rrower and the r services. es the buyer to arket interest ra pays closing co yers to purchas oses or to pay perty at given ra equiring lender lity. Assuming est rate may be nder may raise me the loan at a
Go to Top
s greater than
erest at two-wee ent for a biwee
a debt. Bonds ation of one mo re receiving cas e lender. The br o pay additiona ate. Another fo osts such as th se property the for municipal o
ates and terms
r approval, whe a loan can be e lower than cu e the interest ra all. preceding paym ek intervals. Th kly mortgage is s backed by mo
ortgage and the sh proceeds fro
roker may repr
al discount poin orm of a buy-do he origination fe ey might otherw or association im s from a mortga
ere the buyer ta advantageous rrent market ra ate, require the
ments and pay
his type of loan s half what a m ortgage loans a e beginning of a om the sale of resent several l nts or make a s own is one in w ee. During time wise not have p
mprovements s
agee to anothe
akes over the for a buyer be ates. Dependin buyer to qualif ys the loan in fu n amortizes mu monthly paymen
are pooled toge
another, such a a prior home. A
lending source
substantial dow which the seller
- C - cap A li mea cap amo term certificate o A V pro certificate o A d closed-end A m end closing cos Cos The follo Fe Ori Dis Cre Ap As ass cloud A c collateral Som for commitmen A fe and
mit in how muc ant to protect t p or an annual c
ount of the inte m of the loan. A of reasonable Veterans Admin perty. of title ocument rende mortgage mortgage princi d mortgage. sts sts payable by ese costs can b owing:
es Paid to the
igination fee scount points edit report fee ppraisal fee
sumption fee if sumed
claim to the title
mething of valu a mortgage loa nt fee ee charged wh d points and b) ch an adjustabl he borrower fro cap. A paymen erest rate. A life An annual cap
value (CRV)
nistration appra
ering an opinio
pal amount tha
both seller and be up to ten pe e Lender f loan is e of a property t ue pledged as s an. en a) an agree the lender gua
le rate mortgag om large increa
nt cap is a limi e-of-loan cap p limits the amo
aisal that estab
n on the status at is fixed and c d buyer at the t ercent of the mo Fees Paid in Interest from the beginning payment Hazard insura Mortgage ins that, if valid, wo security for a lo ement is reache arantees to lock Go to Top ge's monthly pa ases and may it on the month restricts the am ount the interes
blishes the max
s of a property's
cannot be incre
time of settlem ortgage amoun
n Advance
the closing dat g of the 1st ance premium urance premiu ould prevent a oan. In mortgag ed between a le k in that rate. ayment or inter be a payment hly payment. An
mount the inter st rate can incre
ximum VA mort
s title based on
eased during th
ent, when the p nt and usually i Other Ch te to m Title sear Sales com Legal and Inspectio Property adjustme Processin preparati purchaser from ge lending the ender and a bo
rest rate can in cap, an interes n interest cap rest rate can inc
ease over a tw
tgage loan amo
n public record
he life of the loa
purchase of a p nclude but are
harges
rch and title ins mmissions d recording fee
n and survey fe taxes and othe ents ng and docume on fees m obtaining a c property itself s orrower for a lo crease. A cap st cap, a life-of-is a limit on the crease over the welve-month pe
ount for a spec
s.
an. See also: o
co-mortgag One with condominiu An sha conforming A lo Cor See constructio A s adv the consumer h A d mo conventiona A m Hou Adm convertible An poin co-signer A p own covenants Rul CRV See curtailments The befo or e who is individ h one or more um individually ow are ownership o g loan
oan that confor rporation (FHL e also: non-con n loan hort-term loan vances funds to borrower mus handbook on a isclosure requi rtgage (ARM). al loan mortgage loan t using Administ ministration). mortgage adjustable rate nt in the loan te person who is o nership in the p es and restrict e: certificate of s e borrower's pr ore it is due ma
dually and joint borrowers. See
wned unit within of common are rms to Federal MC) guidelines nforming loan. financing impr o the borrower t obtain perma adjustable rate
ired by the fede
that is not insur ration (FHA) or e mortgage (AR erm. obligated to rep property. See a ions governing reasonable va rivilege to make ay incur a pena tly obligated to e also: co-signe n a multi-unit bu eas such as gro
National Mortg s. rovements to re as needed wh nent financing e mortgages ( eral governme red, guarantee r Rural Econom RM) that allows pay a mortgage also: co-mortga
g the use of pro
alue. e payments on alty if so specif repay a mortg er. uilding where o ounds, parking gage Associatio
eal estate, such ile construction or repay the co (C.H.A.R.M.) nt to be given t ed or funded by mic Community s a borrower to e loan should th agor. operty. a loan's princi fied in the mort
Go to Top
age loan and s
others or the Co facilities and te on (FNMA) or F h as the buildin n progresses. U onstruction loa to any borrowe y the Veterans A y Development o switch to a fix he borrower de
pal before they gage's prepaym shares ownersh ondominium O ennis courts. Federal Home ng of a new hom Upon completio an in full. er applying for a Administration t (RECD) (form ed-rate mortga
efault but who d
y are due. Payi ment clause.
hip of the prope
Owners Associa
Loan Mortgage
me. The lender on of the const
an adjustable r
(VA), the Fede erly Farmers H
age at a specifi
does not share
- D - debt Mo debt-to-inco The VA deed The deed of trus A d adv the Department The discount po A p the down paym The equ amo due-on-sale A c loan duplex A d - E - earnest mon A d inte easement ney owed to re ome ratio e ratio between loans) or gross e legal docume st ocument, used vantage of a de borrower defa t of Housing a e U.S. governm oints percentage of th loan amount; f ent e difference be uity. Typically it ount secured b e clause in a mort n if the propert welling divided ney eposit in the fo ends to go throu epay someone. n a borrower's m s monthly inco
ent that transfer
d in many state eed of trust is th
ult on the loan
and Urban Dev
ment agency th
he loan amoun for example, tw
tween the purc t comes from c by assets.
tgage or deed y is sold (subje
d into two units
orm of cash or ugh with the pu
monthly payme me (convention
rs the ownersh
es in place of a hat the trustee
.
velopment (HU
at administers
nt paid to the le wo points on a
chase price and cash savings, b
of trust allowin ect to the terms
.
a note given to urchase of a pr
ent obligations nal loans).
hip of real prope
mortgage, hel does not have
UD)
FHA, GNMA a
nder to buy do $100,000 mort
d mortgage am but it can also b
g a lender to re s of the security Go to Top o a seller by a b roperty. divided by his
erty from one p
d by a trustee e to go to court
and other housi
own the interest tgage is $2,000
mount. The dow be a gift that is
equire immedia y instrument).
buyer as good
or her net effe
party to anothe pending repay to proceed wit ing programs. t rate. Each po 0. wn payment bec not to be repai ate payment of faith assurance ctive income (F r.
ment of the loa h foreclosure s
oint is one perce
comes the prop d or a borrowe
f the balance o
The line Equal Credi A fe nat righ equity The escape clau A p as t escrow Mo insu - F - fair market v The sam Fannie Mae Nic Federal Hom A q sell Federal Hou An insu mo they paid Federal Nat A p ma org
e right one part es.
it Opportunity
ederal law proh ional origin, ag hts under the C e value of a pro use provision allowin the ability of th
ney placed wit urance through
value
e price a prope me area.
kname for Fed
me Loan Mortg uasi-governme mortgage loan using Adminis agency within ures residentia rtgages availab y are limited by d at closing, as ional Mortgag private corporat ny of the guide anization is to ty has in regard y Act hibiting lenders ge, marital statu Consumer Cred
operty beyond
ng one party o e buyer to obta
h a third party f hout the year.
erty can realistic
deral National M gage Corpora ental, federally-ns. FHLMC set stration (FHA) the Departmen l mortgage loa ble to homeow y loan amount. s well as an an ge Association
tion that acts a elines for conve
make mortgag
d to the propert
s and other cred us, receipt of p dit Protection A
any liens again r more to canc ain financing w
for safekeeping
cally sell for, ba
Mortgage Asso ation (FHLMC o -sponsored org ts many of the nt of Housing a ns made by pr ners with low o FHA mortgage nual fee of 0.5 n (FNMA or Fa s a secondary entional mortga ge money more ty of another, s
ditors from disc ublic assistanc Act.
nst it. Also refe
el all or part of within a specifie
g either for fina
Go to Top
ased upon com
ciation (FNMA
or Freddie Ma
ganization that guidelines for c
and Urban Deve rivate lenders. O or moderate inc e insurance req percent of the annie Mae) market investo age loans, as d e affordable and
such as the righ
crimination bas ce or because a rred to as own f the contract if d period. al closing on a mparable selling ). ac) acts as a seco conventional m elopment that s One of FHA's o come. FHA loa
quires a fee of loan amount a or to buy and s does FHLMC. T d more availab ht of a public u sed on race, co an applicant ha er's interest. certain events property or for g prices of othe ondary market mortgage loans sets underwriti objectives is to ns may be high 1.5 percent of added to each ell mortgage lo The major purp ble.
tility company
olor, sex, religio as exercised hi s fail to happen payment of tax er properties in investor to buy , as does FNM ng standards a help make affo h loan-to-value
The dea FHA See fifteen-year A lo 30-fixed-rate m A m flood insura A fo dam if re loca age FNMA See Freddie Mac Nic - G - gift A s pro Ginnie Mae Nic good faith e The day Governmen A g loan graduated p A fi gra rem e maximum for ath of the owne
e: Federal Hou
mortgage
oan with a term year mortgage
mortgage
mortgage whos
ance
orm of insuranc mage. The Fed eal estate to be ated in a SFHA ents can assist
e: Federal Nati
c
kname for Fed
um of money, fit religious org
kname for Gov
estimate e estimate on c ys of applying f nt National Mo government org ns. payment mortg xed-interest loa dually increase maining amortiz m of ownership er, the property
sing Administr
m of 15 years. A e, the amount o
e rate remains
ce that protects deral Flood Disa e used to secur A area, the borr in obtaining flo
onal Mortgage deral Home Loa
including amou ganization, or n vernment Natio closing costs an for a loan. ortgage Assoc ganization that gage (GPM) an with lower p es over a perio zation period.
p, with the righ y goes to the ow ation. Although the m of interest paid constant throu s the owner of aster Protectio re a loan is loca rower must obt ood insurance.
Association.
an Mortgage C
unts from a rela non-profit comm onal Mortgage A nd monthly mo iation (GNMA participates in payments in the d of time and t Go to Top t to occupy a p wner's designa onthly paymen over the life of
ughout the life o
the insured pro n Act of 1973 r ated in a Speci tain and mainta
orporation (FH Go to Top ative or a grant munity organiza Association (G ortgage paymen A or Ginnie Ma the secondary e early years th hen levels off a
property and se ted heirs. Also
nt on a 15-year f the loan is sub
of the mortgag
operty against requires that fe ially Flood Haz ain flood insura
HLMC).
t from the borro ation that does
NMA). nts provided by
e)
y market, secur han in the later at a payment s ell it to a buyer known as fee mortgage is h bstantially less e. losses stemmi ederally-regulat zard Area (SFH ance on the pro
ower's employe not have to be y a lender to th ritizing pools of r years. The am ufficient to pay at any time. Up absolute.
igher than that .
ng from flood ted lenders det HA). If the prope
operty. Most ins
er, a municipal e repaid.
e homebuyer w
f FHA, VA, and
mount of the pa y off the loan ov
- H - hazard insu A fo as f the home equity A m deb home inspe A th insp tran homeowner A fo com Housing an The housing affo An are housing exp See HUD See - I - income app urance orm of insuranc fire and tornad
property that i y loan mortgage on the bt consolidation ection horough review pection should nsfer of the hom
rs insurance orm of insuranc mmon disasters d Urban Deve e U.S. governm ordability inde
index that indic as. The most w
penses-to-inc e: debt-to-incom e: Housing and proach to valu ce that protects oes. Mortgage s equal at leas e borrower's pr n. w of the physica be completed me is complete ce that protects s. elopment (HUD ment agency th ex
cates what pro well known hou
ome ratio me ratio. d Urban Develo e s the owner of lenders often st to the amoun rincipal residen al aspects and prior to closing ed. s the owner of D) at administers portion of hom using affordabil opment.
the insured pro require a borro nt of the mortga
nce, usually for
condition of a g so that any re
the insured pro
FHA, GNMA a
mebuyers can a ity index is pub
Go to Top operty against ower to maintai age loan. r the purpose o home by a pro epairs or chang operty against
and other housi
fford to buy an blished by the N losses from ph in an amount o of making home ofessional home ges can be com
loss from theft,
incl income-to-d See index A p inte esta insurance As taxe Also interest The amo interest cap See interest rate The mo - J - joint tenanc See jumbo loan A n Fed udes shopping debt ratio e: debt-to-incom published intere erest rate on loa
ablish rates on a part of PITI, es. o see: homeow e amount of the ount of the mo p e: cap e e simple interes ney. See also:
cy
e: tenancy. onconforming deral Home Loa
g centers, hotel
me ratio. est rate compile
ans closed by adjustable rat the amount of wners insuranc e entire mortga nthly mortgage st rate, stated a Annual Percen
loan that is larg an Mortgage C ls, motels, rest ed from other in savings and lo e mortgages (A the monthly mo ce.
age loan which e payment whic
as a percentag
ntage Rate.
ger than the lim Corporation (FH taurants, apartm ndicators such an organizatio ARMs). ortgage payme
does not inclu ch does not inc
ge, charged by
Go to Top
mits set by the HLMC) guidelin Go to Top ment buildings as U.S. Treas ns. Mortgage le
ent that does n
de the principa clude the princi
a lender on the
Federal Nation nes.
, office space,
ury bills or the enders use the
ot include the p
al. Also, as a p pal, taxes, and
e principal amo nal Mortgage A etc. monthly avera e index figure to principal, intere
- K - key lot Rea - L - lien A c hav life-of-loan See liquidity The loan discou See loan origina See loan-to-valu The app lock-in The fee al estate deem claim against a ve include a tax cap e: cap. e ease with wh unt e: points. ation fee e: origination fe ue ratio (LTV) e relationship, e praised value. F e guaranty of a for locking in a ed highly valua property for th x lien for overd
ich an asset ca ee. expressed as a For example, a a specific intere an interest rate able because o e payment of a ue taxes or a m an be converte a percentage, b a $75,000 loan
est rate and/or p e. of its location. Go to Top a debt. A mortg mechanic's lien d into cash. between the am on a property a
points for a spe
Go to Top
gage is a lien; o n for unpaid deb
mount of the pr appraised at $ ecific period of other types of li bt to a subcont roposed loan a 100,000 is a 75 time. Some le iens a property tractor. nd a property's 5% loan-to-valu
nders will char y might
s ue ratio.
- M -
maintenance costs
The cost of the upkeep of the house. These costs may be minor in cost and nature (replacing washers in the faucets) or major in cost and nature (new heating system or a new roof) and can apply to either the interior or exterior of the house.
margin
The amount a lender adds to the index of an adjustable rate mortgage to establish an adjusted interest rate. For example, a margin of 1.50 added to a 7 percent index establishes an adjusted interest rate of 8.50 percent.
market value
The price a property can realistically sell for, based upon comparable selling prices of other properties in the same geographical area.
modification
A change in the terms of the mortgage note, such as a reduction in the interest rate or a change in maturity date.
mortgage
A legal instrument in which property serves as security for the repayment of a loan. In some states, a deed of
trust is used rather than a mortgage.
mortgage banker
A lender that originates, closes, services and sells mortgage loans to the secondary market.
mortgage broker
An intermediary between a borrower and a lender. A mortgage broker's expertise lies in helping borrowers find financing that they might not otherwise find themselves.
mortgage insurance
Money paid to insure the lender against loss due to foreclosure or loan default. Mortgage insurance is required on conventional loans with less than a 20 percent down payment. FHA mortgage insurance requires a payment of 1.5 percent of the loan amount to be paid at closing, as well as an annual fee of 0.5 percent of the loan amount added to each monthly payment.
mortgage interest
The interest rate charge for borrowing the money for the mortgage. It is used to calculate the interest payment on the mortgage each month.
mortgage term
The length of time that a mortgage is scheduled to exist. Example: a 30-year mortgage term is for 30 years.
mortgagee
The lender.
mortgagor
The borrower.
- N - negative am A s The amo non-assump In a app non-conform A lo Mo See note A s - O - open-end m A m See origination The in p mortization ituation in whic e unpaid intere ount of the mo ption clause a mortgage con proval of the len
ming loan
oan that does n rtgage Corpora e also: conform igned docume mortgage mortgage allowi e also: closed-e fee e amount charg points. ch a borrower i st is added to t rtgage. ntract, a statem nder. not conform to ation (FHLMC) ming loan. nt that acknow
ing the borrowe
end mortgage. ged by a lende
s paying less in the loan's princ
ment that prohib
Federal Nation guidelines. Ju wledges a debt a er to receive ad r to originate a nterest than wh cipal. The borro
bits a new buye
nal Mortgage A mbo loans are
and shows the
Go to Top
dvances of prin
nd close a mor
Go to Top
hat is actually b ower may end
er from assumi
Association (FN nonconformin
e borrower is ob
ncipal from the
rtgage loan. Or being charged up owing more ng a mortgage NMA) or Federa g. bligated to pay lender during rigination fees for a mortgage e than the origin
e loan without t
al Home Loan
it.
the life of the lo
are usually exp e loan.
nal
he
oan.
- P - payment ca See P&I Abb PITI Abb PITIO Abb points Cha exa rate pre-qualifica Ten the prime rate The principal The mon private mor See property ap See property tax The prorate To ap e: cap. breviation for p breviation for p breviation for p arges levied by ample, two poin e. Points can a ation ntative establis borrower's ass e interest rate c e amount of the nthly mortgage rtgage insuran e: mortgage ins ppraisal e: appraisal. x e amount which proportionally d
principal and int
principal, intere principal, intere y the lender ba nts on a $100,0 lso include a lo hment of a bor sets, debts, inc
commercial ban
e entire mortga e payment whic
nce (PMI)
surance.
h the state and
divide amounts terest.
st, taxes and i
st, taxes, insur
sed on the loan 000 mortgage e oan origination
rrower's qualific come, employm
nks charge the
age loan, not co ch does not inc
d/or locality ass
s owed by the b
nsurance.
rance and othe
n amount. Eac equals $2,000.
fee, which is u
cation for a mo ment status and
eir most creditw
ounting interes clude the intere
sesses as a tax
buyer and the s
Go to Top
er monthly non
h point equals Discount point usually one poin
ortgage loan am d credit history. worthy custome t. Also, as a p est, insurance, x on a piece of seller at closing -housing costs one percent of ts are used to nt. mount of a spec . ers.
art of PITI, the and taxes.
property.
g.
s.
f the loan amou buy down the i
cific range, bas
amount of the unt; for
nterest
- Q - qualification As hist - R - rate cap See RESPA Abb cos reverse ann A ty the RHCDS Rur right of first The right of resc The tran day the esta the rollover The bor bor pro Rural Housi A fe n determined by tory, employme e: cap. breviation for th sts at applicatio nuity mortgage ype of mortgag home is used
ral Housing and
t refusal e right to purch cission e right to back o nsaction. When ys following sig borrower mus ate or to refina existing loan. e process by w rrower's file is d rrower and obta cess is called a
ing and Comm
ederal agency
a lender, the a ent status, asse
he Real Estate on and once ag e ge loan in which as security for d Community S ase a property out of a transa n a borrower's ning of the loa t be refunded u nce a loan und
which a construc delivered to Ba ains funds for t
a rollover.
munity Develo
that administer
ability of the bo ets, debts and
Settlement Pro gain prior to clo
h the lender ma the loan. Service y under conditio ction, given au principal dwelli n documents to upon rescission der the same te
ction loan beco nk One Mortga he tax and insu
opment Servic rs mortgage loa orrower to repa income. Go to Top ocedures Act. osing. akes periodic p
ons and terms
tomatically by ing is going to s o rescind or ca n. The right to erms and condi
omes a mortga age Loan Servi urance escrow
e
ans for buyers
y a mortgage l
This act allows
payments to the
made by anoth
law to the borr secure a loan, ancel the transa rescind does n itions where no
ge. At the end icing Dept. Prio s, a final title p
in rural areas.
oan based on t
s consumers to
e borrower. Th
her buyer and a
rower in a real e the borrower h action. Any and not apply to loa
o additional fun
of the construc or to delivery, C olicy and home
the borrower's
o review settlem
e borrower's e
accepted by the
estate purchas has three busin d all money pai ns to purchase nds will be adde
- S - second mor A lo secondary m A m prim servicing The and settlement c See survey A p any - T - tax deed A w tax savings The mo taxes As and rtgage
oan that is junio
market market compris mary lenders a e responsibility d insurance, as costs e: closing costs physical measu y buildings as w written documen e deduction a ta ney that the ho
a part of PITI, d insurance. or to a primary ing investors li nd resell them of collecting m s well as keepin s. rement of prop well as easeme nt conveying tit axpayer can ta omeowner is no the amount of or first mortga ke GNMA, FHL to other invest monthly mortga ng the borrowe perty done by a ents, rights of w tle to property
ake on their tax ot required to p the monthly mo ge and often h LMC and FNMA tors. ge payments a er informed of a a registered pro way, roads, etc
Go to Top
repossessed b
x form for intere pay the governm
ortgage payme
as a higher int
A, who buy larg
and properly cr any changes in ofessional show . by the governm est paid on a ho ment in taxes b
ent which does
erest rate and
ge numbers of
editing them to the status of th
wing the dimen
ment due to defa
ome mortgage
because he or
not include the
a shorter term
f mortgages fro
o the principal, he loan.
nsions and loca
ault on tax pay
tenancy title A fo title insuran A p the trust deed See Truth In Len The to h - U - underwriter A p hist Uniform Set A s clos utility costs Per joint ten tenancy can sell w death of tenancy survivors tenancy tenancy ormal documen nce policy issued by title search. Th e: deed of trust nding Act e Truth In Lend homebuyers wi r professional wh tory, employme ttlement State tandard docum sing which mus
s
riodic housing c
nancy - equal o by the entiret
without the con either party. in common - ship. in severalty -at will - a licen nt establishing y a title insuran he cost of title t.
ding Act require thin three work
ho approves or ent status, asse
ement
ment prescribed st be supplied t
costs for water
ownership of pr
ties - ownershi
nsent of the oth
equal ownersh ownership of p nse to use or o ownership of p nce company in insurance may es lenders to di king days of the
denies a loan ets, debts and
d by the Real E to both buyer a
r, electricity, na
roperty by two ip of property o her and the pro
hip of property
property by one occupy a prope
property.
nsuring the purc y be paid for by
isclose the Ann e loan applicat Go to Top to a potential h other factors s Estate Settleme and seller.
atural gas, heat
or more parties only between h operty is owned
by two or more
e legal entity o erty at the will o
chaser against y the buyer, the
nual Percentag ion.
homebuyer bas such as loan gu
ent Procedures
ting oil, etc.
s, each with the usband and wi d by the survivo
e parties withou
r a sole party. of the owner.
t any losses res e seller or both.
ge Rate and oth
sed on the hom uidelines.
s Act containing
e right of surviv ife in which nei or in the event
ut the right of
- V - VA loan See variable rate See Veterans Ad The In g the - W - walk-throug An warranty de A d - X - No e: Veterans Ad e mortgage (V e: adjustable ra dministration e federal agenc general, qualifie loan amount. gh inspection of a eed ocument prote entries for "X". ministration. VRM) ate mortgage. (VA) cy responsible ed veterans ca a property by th ecting a homeb .
for the VA loan n apply for hom
he prospective uyer against a n guaranty prog me loans with n Go to Top buyer prior to c
ny and all claim
Go to Top Go to Top gram as well a no down payme closing on a mo ms to the prope s other service ent and a fund
ortgage.
erty.
es for eligible ve ing fee of 1 per
- Y - yield The - Z - zoning The des use e rate of earnin e ability of loca signated areas e and others fo ngs from an inv l governments of land. For ex r commercial u vestment. to specify the xample, some a use such as sto
Go to Top
use of private areas of a neig ores, gas statio
Go to Top property in ord ghborhood may ons, etc. er to control de y be designated evelopment wit d only for resid
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