The original mortgage is known as a first or primary mortgage— not only because you took it out first, but because the mortgage lender has first dibs on the home should you default on payments. Any additional loan against the property is called a subordinate mortgage or a subordinate lien....
Now don't get it twisted—a reverse mortgage is not free money. It's still a loan that must be repaid eventually. Your debt increases over time. Think of it like this: Borrowed money + Interest + Fees each month = Rising loan balance ...
As Mortgage Is Paid, What Should Bank Send?Edith Lank
While employment is generally verified nowadays when you take out a mortgage, it might not be the underwriter verifying it. Instead, the loan processor may obtain the verification of employment (VOE). Many use the “The Work Number,” an independent third-party employment verification company now...
Wondering if you can afford your monthly mortgage payment? Learn how to set a budget to determine how much home you can afford with this article from Better Money Habits.
What should you do with your mortgage after a divorce A house is usually a couple'slargest assetand should be one of the firstjoint propertieson the chopping block. Divorcing couples have several options for dealing with their mortgage:
If points are involved and you are offered a higher rate, the mortgage points act as alender credittoward your closing costs. These are known as “negative points” because they actually raise your interest rate. Now you might be wondering why on earth you would accept a higher rate than ...
What type of loan can I get through a mortgage broker? Mortgage brokers can help you get various types of loans, including fixed-rate,adjustable-rate,FHA,VAandjumbo loans. They match you with lenders that offer products suited to your needs. ...
Here are some of the pros and cons you should weigh when considering refinancing: Pro: You could lower your monthly payment. Once of the obvious benefits of refinancing your mortgage is that you could secure a lower interest rate that would, in turn, lower your monthly payment. Pro: You...
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