You can remove PMI, or private mortgage insurance, from your mortgage after you have established enough equity in your home. You will need at least 20% in equity. At that point, you can request to have it removed or wait for it to automatically drop off when you have 22% in equity. ...
Your mortgage servicer is the company that you make your payments to. This may or may not be the same as the lender you closed your mortgage loan with. When Do You Need An Escrow Account? Whether you need to have an escrow account can depend on yourtype of mortgage, the amount of eq...
The real estate transaction could be held in escrow such that the sale wouldn't be completed until the buyer obtains financing or a mortgage from a bank. Also, the buyer could have difficulty securing the necessaryinsuranceand other policies needed to complete the transaction. If the buyer doesn...
People tend to focus on the monthly payment, but there are other important features you can use to analyze your mortgage, such as: Comparing the monthly payment for several different home loans Figuring how much you pay in interest monthly and over the life of the loan Tallying how much ...
Refinancing Your Home Refinancing lets you lower your mortgage payments, pay off your loan faster, or cash out home equity. Use this Guide to understand the refinance process and get the most value from your home loan. Mortgage Refinance Basics What is a mortgage refinance, and how does refina...
Contact your mortgage lender or servicer’s loan relief orloss mitigationdepartment. From there, you’ll either need to formally request forbearance, or you’ll be given the opportunity to explore other relief options. Keep a record of all communications with your lender, and ensure you get a...
Reverse mortgage process The reverse mortgage approval process is a little different than other loans, in that the borrower must receive counseling from a HUD-approved HECM counselor prior to making a loan application. A HECM counselor can be foundhere. The lender is not permitted to direct you...
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If your original lender assigns your account to a mortgage servicer, your payments to the mortgage servicer stay the same. The servicer must also conduct an annual escrow analysis. Then they let you know if your escrow payments will increase, decrease or remain the same for the next year....