Either way, the mortgage works the same way: As the homeowner pays down the principal over time, theinterestis calculated on a smaller base so that future mortgage payments apply more towardprincipal reductionthan just paying the interest charges. In a mortgage transaction, the lender is known ...
Let’s say a homeowner has a property they don’t believe could sell because it’s fairly distressed. The owner doesn’t have the resources to fix it up and just continues to live in it, thinking they’ll never get a fair price for it. Enter the wholesaler, who approaches the homeowne...
The most notable advantage of a life estate is that it simplifies the transfer of a home to the next generation. The probate process may delay the transfer if the home is included in the homeowner's will. The transfer is automatic with a life estate when a death certificate is filed. The...
The borrower or homeowner pays the mortgage servicing fees, which can range from 0.25% to 0.50% of the mortgage loan balance. What Is Considered Mortgage Servicing? The mortgage servicer collects the loan payments from the borrower and may also forward a portion of the payment to pay for prop...