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While a foreclosure and a short sale will both impact your credit score, a short sale will allow you to qualify for FHA financing to buy another home immediately following the short sale if you don't miss any mortgage payments in the process. With a foreclosure you will have to wait at least 36 months and in some cases...more
As it is true, you can get a lower rate on a 15 year than a 30 year, it's also very important to recognize that the borrower is in control of the repayment term. If your goal is to pay your 30 year mortgage off in 15 years, all you have to do is figure out how much extra to send in each month to achieve that goal.
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9/9/2010
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