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This reader question is especially timely given the turmoil in the mortgage markets the last three months:
Who are Ginnie Mae, Freddie Mac and Fannie Mae and what do they do?
Freddie Mac and Fannie Mae are the [...]
One reader wanted to know the “average” loan amount for a household with good credit and an income of $50,000. This is a great example as $50,000 is pretty close to the national median household income of $48,201 in 2006. If your household income is lower or higher than $50,000, just multiply all the [...]
A reader asked, “What is the difference between purchase price, appraised price and loan amount?” in a real estate transaction.
The purchase price is simply the price agreed between buyer and seller. It’s the amount that the seller will receive once the seller’s closing costs are paid. It’s the amount that the buyer will pay at [...]
