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In this episode, we dive into the world of mortgages with a focus on the 40-year mortgage and the intricacies of mortgage insurance. Our guest is Glendon Grose, a mortgage industry veteran and expert from Movement Mortgage, who shares his knowledge and insights on these important topics.
We start by discussing the basics of a 40-year mortgage, including how it differs from a traditional 30-year mortgage and the pros and cons of opting for a longer loan term. Glendon also sheds light on creative lending options that can help homebuyers who might not qualify for a traditional mortgage.
Next, we tackle the often-confusing topic of mortgage insurance. Glendon breaks down the different types of mortgage insurance, when it's required, and how it can impact the overall cost of a mortgage. He also offers tips on how to avoid mortgage insurance altogether or reduce the cost if it's necessary.
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