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Mortgage Mark Resource Library

2/1 Buy Down for Mortgage Interest Rates

A 2/1 buy down – pronounced “two one buy down” – is a feature for residential mortgages where the monthly payments for the first two years are based on temporary reductions in the mortgage interest rate. This program is often used when a purchasing…

Home Loan Process

From how you qualify for a mortgage, through house hunting, and the loan process - learn everything you need to know when buying a new home.

Mortgage Loan Process

From how you qualify for a mortgage, through house hunting, and the loan process - learn everything you need to know when buying a new home.

Loan Programs

Get a clear breakdown of the various types of loan programs that exist and learn more about the program options that could be right for you.

Credit 101

Credit is extremely specific and very complex. Our credit overview will provide you with a better understanding of how credit works when getting a home loan.

Top Resources

Escrow Analysis & Rebalance for Homeowners

This article is applicable to homeowners that have a mortgage with an escrow account. Every year mortgage servicers do an escrow analysis on existing escrow accounts.

Credit 101 - Remove Credit Dispute

Credit reports aren’t always perfect and occasionally certain items will need to be corrected – that’s where credit disputes enter the picture. When applying for a mortgage home loan, a credit report must be accurate and without disputes.

Homestead Exemption Overview

The information below is generic information regarding Homestead Exemptions for counties located in Texas. It reflects the changes taken into effect January 1, 2022. Each county has specific details on the amounts and the process for filing a homestead exemption.

Mortgage Resources

Mortgage Glossary

Learn familiar mortgage language and terminology

Qualified Mortgage Guidelines

Guidelines to understand Qualified Mortgage Qualifications

Mortgage Servicer

Understand what a mortgage servicer does and how they function

Mortgage Points for Interest Rate Buy Down

Learn about mortgage points during the closing process

Adjustable Rate Mortgage Basics

An in-depth review of adjust rate mortgage loans

Mortgage Down Payments

These are the basic down-payment guidelines for various loans programs

Purchasing Power and DTI Calculator

The Mortgage Mark Team created a DTI calculator to help determine your purchasing power.

What is a Title Company?

Learn about what a title company does and how they function

The Lowdown on LLPAs: What is It and Its Potential Impact on Your Mortgage

Learn about the LLPA Matrix and how it can impact your mortgage.

Home Loans with Upfront MIP

Each program has a unique name for this upfront fee; however, each serves the same purpose and...

Mortgage Insurance Overview (with video)

Mortgage Insurance (MI) protects the lender against losses if a borrower defaults on their home loan.

Mortgage Tax Deductions

Mortgage Interest paid on first and second mortgages are tax deductible for primary and...

Rate Buydown Calculator (with video)

An interest rate buydown temporary reduces a monthly mortgage payment for designed time...

Mortgage Loan FAQs

An interest rate buydown temporary reduces a monthly mortgage payment for designed time...

Escrow Resources

Mortgage Escrow Account Overview

An escrow account is the majority of the funds for the Prepaids due at closing. When is an escrow...

New Construction Escrows Explained

Escrow accounts can be very confusing when purchasing a newly built home. The monthly...

Refinance Escrows

There is a difference between fees paid for closing (i.e. Closing Costs) and Prepaids paid at closing...

Escrow Account Calculations for Purchase Loans

All mortgage lenders use the same escrow account calculations. In other words, it doesn’t matter...

Escrow Analysis for Homeowners

This article is applicable to homeowners that have a mortgage with an escrow account.

Insurance & Tax Resources

Basics of Property Tax

Property taxes are are a part of home ownership and they fund the city, county, hospitals, and schools...

Property Tax Discussions: Over 65 and Disabled Persons

We talk about the Over 65 Tax Exemption and the Disabled Person Tax Exemption. Also, we focus...

Get Homeowners Insurance

Homeowners insurance protects a homeowner (and lender) in the event of property damage or loss...

Mortgage Interest Tax Deductions

Mortgage Interest paid on first and second mortgages are tax deductible for primary and...

Mortgage Prepaids

The term “prepaids” includes the costs for the home’s property taxes, homeowners insurance, HOA dues...

Private Mortgage Insurance (PMI)

Let’s face it, nobody likes mortgage insurance. The good news is that you can (eventually) cancel....

Closing Cost Resources

Closing Cost Overview

Here’s a breakdown the home closing costs, prepaids, and money due at closing. These are...

Closing Cost Payment Methods

When structuring a mortgage home loan there are four ways to pay for the mortgage closing costs:

Estimated Closing Costs

There are three components due at closing when buying a home and getting a home loan. The first...

New Construction Closing Costs

New construction closing costs are typically higher than the closing costs for an existing home. The...

Seller Concessions (with video)

Seller concessions allow a homebuyer to “roll-in” closing costs on a purchase home loan. It’s one of...

Mortgage Payment Calculator

Mortgage Loan Resources For Texas Veterans

At Mortgage Mark, veterans are a priority. If you are a veteran or currently serving in the military, you have come to the right place. Our website is dedicated to providing comprehensive information about mortgage programs specifically designed for veterans. ...

Allowance for Kids

Having money is the best way to understand and learn about money. For kids, the best form of income is done via an allowance. Unlike traditional allowance structures, we believe that allowance should be a two-way street. Both child and parent should b...

10 Shocking Factors That Can Affect Your Property Value and Tax Assessment

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The Lowdown on LLPAs: What is It and Its Potential Impact on Your Mortgage

Are you struggling to make sense of a mortgage agreement with all the unfamiliar mortgage terminology ? Don't fret, you're not alone! The Loan-Level Price Adjustment (LLPA) matrix is one of the toughest obstacles to navigate when trying to obtain...

Mortgage FAQs

Mortgages are complicated. It's our entire world and we still know it! Based on commonly asked questions in the mortgage industry and to our awesome loan officers, we've compiled simple answers and resources below to help you on your journey. As always,...

How to Invest in Real Estate

Step 1 What type of investor are you going to be: Fix and flip Long term rental Where to buy? What kind of house to buy? Where can the money come from? Thinking about getting...

Purchase Real Estate Inside an LLC

Multifamily Residential Mortgages: 2 to 4 units

Non-Purchasing Spouse

Keywords: what is a non-purchasing spouse? Does my wife / husband need to be at closing? Who is required to be at a mortgage closing? Does my spouse need to sign mortgage docs? Who needs to sign closing papers? When purchasing...

Closing Costs Overview

Here's a breakdown the home closing costs, prepaids, and money due at closing. These are applicable when buying, selling, or refinancing a home.

Estimated Home Loan Closing Costs

There are three components due at closing when buying a home and getting a home loan. The first is the mortgage down payment. Next are the mortgage prepaids. The third and final component are the actual mortgage closing costs for the buyer.

Closing Costs Payment Methods

When structuring a mortgage home loan there are four ways to pay for the mortgage closing costs: pay cash at closing, roll the costs into the loan, increase the interest rate, or do a combination of the aforementioned methods.

Seller Concessions (with video)

Seller concessions allow a homebuyer to “roll-in” closing costs on a purchase home loan. It’s one of the four methods to pay for closing costs . Seller concessions can pay for all costs associated with the purchase of a home exception of the down paymen...

Mortgage Points for Interest Rate Buy Down

Mortgage points are mortgage closing costs that are paid when closing a residential home loan. Mortgage points are often used for an interest rate buy down. One point equals one percent of the mortgage loan amount. Who pays for the mortgage points d...

Mortgage Prepaids

The term "prepaids" includes the costs for the home's property taxes, homeowners insurance, HOA dues, and per diem interest due at closing. When purchasing or refinancing a mortgage home loan there are Closing Costs and there Prepaids.

Homeowners Insurance

Homeowners insurance protects a homeowner (and lender) in the event of property damage or loss resulting from an "event." It covers four main areas: interior damage, exterior damage, loss/damage of personal belongings, and injuries sustained on the p...

What You Need to Know About Property Taxes in Texas

Property taxes are are a part of home ownership and they fund the city, county, hospitals, and schools. Property taxes go directly to the taxing authorities via the mortgage's escrow account held by the mortgage servicer.

Guide to Texas Homestead Exemption Rules

The information below is generic information regarding Homestead Exemptions for counties located in north Texas. Check with your county for specific details on amounts and the process for filing your homestead exemption.

Property Tax Deductions: Over 65 and Disabled Person

The main source of property tax deductions on a home is the homestead exemption. Here, we talk about the Over 65 Tax Exemption and the Disabled Person Tax Exemption. Also, we focus mainly on the counties in North Texas.

Mortgage Escrow Account Overview

A mortgage escrow account is money held by a mortgage servicer to pay property taxes and homeowners insurance on behalf of the homeowner. These funds technically belong to the homeowner but the homeowner can't access the funds in this "piggy bank".

Escrow Account Calculations for Purchase Loans

Check out our Escrow Account Overview as a precursor to this article about escrow account calculations. You may also want to check out our page on Escrow Analysis and Rebalance to learn about the escrow evaluation and re-balancing that takes place after ...

Refinance Escrows

There is a difference between fees paid for closing (i.e. Closing Costs) and Prepaids paid at closing. Fees paid are the cost to do the loan; prepaids are items you're paying regardless of whether you refinance or not.

Escrows on New Construction Explained

This article is relevant to home loans where property taxes are part of the monthly mortgage payment. A basic understanding of escrow accounts and how lenders perform an escrow analysis is required to fully comprehend how new construction escrows accounts...

Escrow Analysis and Adjustment for Homeowners

If you currently have a mortgage AND have an Escrow Account then this page may be applicable to you. You may also want to check out our page on New Construction Escrows if you bought (or are buying) a newly constructed home.

New Construction Closing Costs

New construction closing costs typically have additional fees beyond the "normal" estimated closing costs associated with an existing home. Some builders (like Windsor Homes) offer buyers financing incentives as a method to pay closing costs in order to l...

Home Loans with UFMIP in 2023

The government-backed home loans of FHA , VA , and USDA all have some form of upfront mortgage insurance premium, or upfront MIP. Each program has a unique name for this upfront fee; however, each serves the same purpose and protects the lender. All mortgage loan p...

Mortgage Down Payments

So you're buying a home and trying to determine how much you should put for a mortgage down payment. Below are the basic down-payment guidelines for various loans programs, AND a few of our opinions about how much you should (or shouldn't) put down for...

Mortgage Glossary

Full disclosure: this is one of the very few pages we didn't actually write on our website. This information was provided to us for use on the site so we included it in case someone needed or wanted it. Please call us if you have any specific questio...

Mortgage Insurance Overview

Mortgage Insurance (MI) protects the lender against losses if a borrower defaults on their home loan. (i.e. MI makes sure the lender's get their money if the homeowner goes into foreclosure).

Mortgage for Self Employed (with video)

1099 Bank Statement Program DSCR Portfolio Mark Pfeiffer Branch Manager Loan Officer, NMLS # 729612 972.829.8639 MortgageMark@MortgageMark.com About Mark

Mortgage Servicer

A mortgage servicer is mortgage company that monthly payments get paid to. They may not technically own the home loan. Rather, they are the company that collects the payments and is the point of contact for the homeowner.

Mortgage Tax Deductions

One of the greater financial benefits of home ownership are the tax deductions.

Understand Capital Gain When Selling a Home

Introduction: Selling a home can be a significant financial transaction that comes with various financial considerations. One of the most important aspects to be aware of is the capital gains tax, which can eat into your profits if not managed strategically....

Private Mortgage Insurance (PMI) Cancellation

Let’s face it, nobody likes mortgage insurance . The good news is that you can (eventually) cancel Private Mortgage Insurance (PMI). The information below is to serve as a guideline to private mortgage insurance cancellation and is not intended to...

What Is Purchasing Power and How Is it Calculated?

Before you buy a home, you need to know how much you can afford to spend on a home loan. Otherwise, you could face financial difficulties and significant debt. Below, the Mortgage Mark team explains the meaning of “purchasing power” and how to calculate you...

Rate Buydown Calculator (and video)

https://youtu.be/EEq6_y5D2ecAn interest rate buydown temporary reduces a monthly mortgage payment for designed time period. Please visit the 2-1 buydown page for the mechanics and nuances of how buydowns work. All interest rate buydowns fundamentally w...

Mortgage Resource Library