Three-Day Right of Rescission
The three-day right of rescission is a federal consumer protection law that lets you walk away from certain loan and credit contracts without financial penalty. Within 20 days of exercising… Read More
What to Do When a Modification Isn't Working
You can end up in default, even after a mortgage modification. A modification is a way to stave off foreclosure -- the lender modifies loan terms to make payments more… Read More
What Is a PITI Mortgage?
When discussing the four major components of a house payment, mortgage lenders use an acronym known as PITI. Principal, interest, taxes and insurance are the most basic elements of a… Read More
My Mortgage Loan Has Been Sold: Who Has the Documents?
Getting a notice from your mortgage company that your loan was sold to another financial institution can be unnerving even though your mortgage application mentioned it might happen. Such transactions,… Read More
How to Cram Down a Second Mortgage in Georgia
Bankruptcy treats debts secured by collateral differently than unsecured debts. You can wipe out a secured debt in bankruptcy, but you usually lose the collateral. A mortgage, for example, is… Read More
How Quickly Can I Get a Mortgage Loan Audit?
A mortgage loan audit can be approached from two perspectives: a general mortgage audit for pre-qualification purposes and a forensic or securitization audit for a loan modification or lawsuit. Each… Read More
Are There Any Programs That Help You Not Lose Your Home?
When mortgage banking institutions lend money to borrowers in order to obtain a property, they do so with the promise of a return on their investment. Simply put, they want… Read More
Help for Co-Signers on a House
The decision whether to co-sign for a loved one's new home loan requires much consideration. The stakes are high for both the borrower and co-signer, as taking responsibility for another's… Read More
Splitting a Mortgage Into Two Week Payments
With biweekly mortgage payments, you make a total of 26 biweekly payments that each consists of half the monthly amount. That effectively means that instead of making 12 mortgage payments… Read More
The Time Frame to Modify Your Mortgage
Although a loan modification may provide the key to financial relief, you face a lengthy and often bumpy road in the quest for a restructured mortgage payment. The sooner the… Read More
Do USDA Loans Allow Cosigners?
United States Department of Agriculture loans help low-income households buy or renovate homes in rural areas. They are a loan of last resort. By virtue of USDA's underwriting criteria, the… Read More
How to Shave Off Your Mortgage
Shaving off your mortgage is something that you can do by making an extra payment every year. Shave off your mortgage with help from the founder of Well Kept Wallet… Read More
Do Most Mortgage Companies Offer a Deed-in-Lieu?
A deed-in-lieu can help homeowners and mortgage lenders avoid the hassles of the foreclosure process. Homeowners who want a deed-in-lieu, though, must first convince mortgage lenders that they can no… Read More
Why Isn't My Mortgage on My Credit Report?
While making your mortgage payments on time can boost your credit score, your payment history must appear on your credit report to do you any good. Not everything makes it… Read More
How to Find a Mortgage Interest Credit Certificate Number
States use mortgage credit certificate programs to make home buying more affordable for people with moderate and low incomes. Borrowers with a certificate receive an income tax credit for part… Read More
Do Mortgage Loans Require Hurricane Insurance Coverage?
Acquiring a mortgage will require you to cross many hurdles to get to the finish line. Among those hurdles is the task of finding affordable insurance for your property. While… Read More
How to Overcome a Low Real Estate Appraisal
Banks require a real estate appraisal to be sure the home is valued at the price you agreed to pay, and an appraisal that comes in below your expected value… Read More
Deed vs. Note
When you buy real estate and take out a loan, there are three key documents you will either sign or receive: a promissory note, a grant or warranty deed and… Read More
What Is the Average Time to Get Pre-Approved for a Loan?
A mortgage pre-approval is a valuable tool for a prospective home buyer. You’re not ready to start looking at homes until you’re sure you can buy one and know how… Read More
What Will My Mortgage Cost Me in Total?
Your home loan is a sum of different parts. The exact personal cost to you will vary, depending on your interest rate, the borrowed amount, the mortgage type and other… Read More
Foreclosures & 1099-A
If your lender forecloses on you, you will receive a 1099-A form. The 1099-A form is an informational return that lets the Internal Revenue Service know that the lender took… Read More
Is an Interest Only Mortgage Loan a Smart Move?
The typical monthly mortgage payment covers the balance of a loan and interest. In an interest-only mortgage, you pay less per month -- during the interest-only period -- because nothing… Read More
Do Mortgage Lenders Verify Your Marital Status?
When you apply for a mortgage loan, your lender will verify a range of information, asking you to provide documents that prove your income, employment and debts. The reason? Your… Read More
Do Listing Agents Know the Mortgage Balance?
Listing agents frequently seem to know everything about a home. They can tell you its size, when it was built, what its features are and just about everything about the… Read More
Will My Mortgage Company Conduct an Appraisal on My Refinance?
Refinancing your existing mortgage loan to one with a lower interest rate is far from a quick process and requires several steps. One of the most important for most refinances… Read More
Closing an Escrow Agreement
Paying your mortgage lender extra money with each mortgage payment is a good way to make sure that you pay your property taxes and homeowners insurance bill on time. But… Read More
How Long Are You Locked Into Your Mortgage Rate?
A mortgage rate lock is a firm interest rate that a prospective homebuyer and a mortgage lender agree to for a specific period. As a borrower, you typically have the… Read More
Do Credit Unions Require Private Mortgage Insurance?
Credit unions operate much like banks, offering checking and saving accounts and lending money. These institutions usually offer mortgage services, meaning that you can finance your home with a mortgage… Read More
FHA Streamline Fixed Mortgages
Federal Housing Administration mortgages offer low down payments and competitive interest rates to homebuyers even if they have less-than-perfect credit. When rates adjust down, you can even refinance your FHA… Read More
Are Escrow Accounts Mandatory?
An escrow account is a special account that comes with some mortgages. Every month, you pay additional money into your escrow account along with paying your mortgage's principal and interest.… Read More
How to Capitalize on Past Due Interest for Mortgages With Government Tax Breaks
Capitalizing on past due interest for mortgages with government tax breaks is a great way to save yourself a lot of money. Capitalize on past due interest for mortgages with… Read More
Triple Net Lease, Rents & 1099 Reporting
A triple net lease is a very particular type of commercial lease. Find out about a triple net lease, rents and 1099 reporting with help from a registered real estate… Read More
What Is the Meaning of a Letter to Vacate Issued By the Tax Department?
If a letter to vacate has been issued by the tax department, it could mean that you haven't been paying your property taxes. Learn about the meaning of a letter… Read More
How to Make an Offer to Buy Farmland From a Neighbor
Making an offer to buy farmland from a neighbor is something you'll have to do in a very particular way to be as official as possible. Make an offer to… Read More
List of Chores to Complete to Sell a Home
Selling a home may be time consuming, but it won't necessarily be difficult so long as you compile an accurate list of all the chores you'll need to do. Get… Read More
How to Know if You Need Homeowner's Flood Insurance
You may not necessarily need homeowner's flood insurance if your home and property doesn't meet a few key characteristics. Find out how to know if you need homeowner's flood insurance… Read More
Different Types of Homeowner's Insurance
There are many different types of homeowners insurance policies available for you to choose from based on your needs. Learn about the different types of homeowner's insurance policies available with… Read More
How Is Primary Mortgage Insurance Calculated?
Primary mortgage insurance is typically calculated by taking a number of different things into consideration. Find out about how primary mortgage insurance is calculated with help from a registered real… Read More
What Is Expected of Us if We Want to Refinance Our Home Loan?
If you want to refinance your home loan, a few key things are going to be expected of you. Find out what is expected of you if you want to… Read More
How to Shop for the Best Mortgage Insurance
Shopping for mortgage insurance is like shopping for any other product - you have to look around to find the best bang for your buck. Shop for the best mortgage… Read More
Federal Regulations for Mortgage Protection Life Insurance
Mortgage protection life insurance is subject to a few specific federal regulations that you really should know about. Learn about the federal regulations that govern mortgage protection life insurance with… Read More
Homeowners Insurance vs. Mortgage Insurance
Homeowners insurance and mortgage insurance are similar things required in different situations. Learn about homeowners insurance versus mortgage insurance with help from a business consultant in this free video clip. Read More
What Is the FHA Mortgage Insurance Premium?
FHA mortgage insurance is attractive for a few key reasons. Find out about FHA mortgage insurance premiums with help from a business consultant in this free video clip. Read More
Who Gets a Tax Write-Off if the Owner Holds the Deed to a Mortgage?
If the owner holds the deed to a mortgage, one particular person in the equation can get a tax write-off. Find out who gets a tax write-off if the owner… Read More
How Does Private Mortgage Insurance Work?
Private mortgage insurance is typically required if you put less than 20 percent of the purchase price down on your home. Find out about how private mortgage insurance works with… Read More
How to Figure a Mortgage Insurance Premium
Mortgage insurance premiums are affected by a wide variety of different things. Figure a mortgage insurance premium with help from a business consultant in this free video clip. Read More
Will Walking Away From a Mortgage Affect a Background Check for a Government Job?
Whether or not walking away from a mortgage affects a background check for a government job depends entirely on a few key things. Find out if walking away from a… Read More
The Advantages of the Mortgage Tax Deduction for the Average American Family
The mortgage tax deduction for the average American family has a number of clear advantages that shouldn't be overlooked. Learn about the advantages of the mortgage tax deduction for the… Read More
How to Choose a Down Payment or Mortgage Insurance
Choosing a down payment or mortgage
insurance always requires you to keep a few key things in mind. Choose a down payment or mortgage insurance with help from a home… Read More
How to Purchase Private Mortgage Insurance
Purchasing private mortgage insurance is something that you have to do in a very particular way for the best possible results. Purchase private mortgage insurance with help from a home… Read More
What Is the Meaning of an Assumable Wrap-Around Bank Mortgage & Qualified Buyer?
Assumable wrap-around bank mortgages and qualified buyers are terms with very important meanings in the realm of home mortgages. Find out the meaning of assumable wrap-around bank mortgage and qualified… Read More
Reason for Requesting Cash Equity in a Home Letter
You might need to request cash equity in a home letter for a number of different reasons depending on the circumstances. Learn about the reason for requesting cash equity in… Read More
What Happens When You Co-Sign on a Home?
When you co-sign on a home, a few important things are going to happen next. Find out what happens when you co-sign on a home with help from a home… Read More
How to Calculate a Mortgage Payment With Insurance & Taxes
When calculating a mortgage payment, you want to take great care to make sure you're not forgetting insurance and taxes. Calculate a mortgage payment with insurance and taxes with help… Read More
What Can Commitment Letters From Mortgage Companies Say?
Commitment letters from mortgage companies can say a number of different things depending on the situation. Find out what commitment letters from mortgage companies can say with help from a… Read More
Purpose of Mortgage Insurance
Mortgage insurance serves a number of different important purposes in today's society. Learn about the purpose of mortgage insurance with help from a home mortgage professional in this free video… Read More
How to Calculate a Mortgage Insurance Premium
You can calculate your mortgage insurance premium by following just a few basic steps. Find out how to calculate mortgage insurance premiums with help from a home mortgage professional in… Read More
What Does a Mortgage Company Want to See in a Profit & Loss Statement?
Profit and loss statements always need to have a few key elements when presented to a mortgage company. Find out what a mortgage company wants to see in a profit… Read More
What Is Qualified Mortgage Insurance?
Qualified mortgage insurance is very important for a number of different reasons. Find out about qualified mortgage insurance with help from a home mortgage professional in this free video clip. Read More
What Is a Mortgage Buyout?
A mortgage buyout can take several forms, depending on the circumstances of the borrower. A lender seeking to foreclose on a delinquent borrower may field offers for a foreclosure buyout… Read More
How to Get a Reconveyance Deed When the Mortgage CompanyIs Out of Business
Unfortunately, mortgage companies are just as prone to going out of business as regular companies. Find out how to get a reconveyance deed when the mortgage company that owns your… Read More
How to Crush Your Mortgage
"Crushing" your mortgage is also known as "smashing" your mortgage. Learn how to crush your mortgage with help from a real estate and mortgage professional in this free video clip. Read More
How to Get a Mortgage Before Moving
Getting a mortgage before moving may be something we don't necessarily think about. Get a mortgage before moving with help from a real estate and mortgage professional in this free… Read More
How to Get a Mortgage When Relocating
Getting a mortgage while also relocating requires you to keep a few things in mind. Get a mortgage while relocating with help from a real estate and mortgage professional in… Read More
How to Write a Letter Requesting a Mortgage Loan
If you're thinking of buying a house you may need to know how to write a letter requesting a mortgage loan. Write a letter requesting a mortgage loan with help… Read More
Does Having a VA Loan Affect a Strategic Default?
As home prices decrease while unemployment and underemployment rise, foreclosures will also increase. In most cases, the homeowner simply can not afford to pay the mortgage anymore. However, there are… Read More
What Happens at a Trustee's Sale of a Home?
A trustee sale is a public auction of real estate in which the owner is in default on the mortgage. The trustee facilitates the foreclosure process on behalf of the… Read More
How to Calculate a Mortgage Payment with Insurance & Taxes
Mortgage payments can be calculated using a very specific equation. Calculate a mortgage payment that includes taxes and insurance with help from a licensed Realtor in this free video clip. Read More
Will Private Mortgage Insurance Protect the Owner in a Short Sale?
Certain types of insurance can be used to protect a home owner in the event of a short sale. Find out if private mortgage insurance will protect the home owner… Read More
Who Is Covered by Mortgage Insurance?
Mortgage insurance has a very specific set of things that it covers. Learn who is covered by mortgage insurance with help from a licensed Realtor in this free video clip. Read More
What Happens When You Sign a Good-Faith Estimate?
Getting your first mortgage or refinancing your existing one can be a time of great anticipation, especially if you're getting a low interest rate or the lender agrees to give… Read More
How to File Suit to Sue a Bank for Illegal Foreclosure
Your mortgage lender has the right to take your property if you stop making payments. Missing one month's payment might not trigger a foreclosure, but if you repeatedly skip payments… Read More
How to Calculate a FHLB Loan Level Pricing Adjustment
The loan level pricing adjustment, which refers to closing costs dictated by the government, was introduced to all loans guaranteed by Freddie Mac and Fannie Mae in 2008 to address… Read More
What Is a Subordinate Lien Holder?
Subordinate lien holders can hold up the sale of your home or an attempt to refinance. You can have several encumbrances, or liens, against your property at once so the… Read More
A final judgment is signed by a judge once the foreclosure case has gone through court proceedings. The final judgment allows the lender to legally sell the property in order… Read More
In March 2010, the Making Homes Affordable Program was amended by Congress to assist more homeowners who have negative equity in their homes due to the recession. Under the new… Read More
When you take out a reverse mortgage, you convert the equity that you have built up in your home into an income stream. As with any mortgage, the lender secures… Read More
What Is an Escrow Low Point?
An escrow account is used to simplify the collection and payment of real estate-related items. Your lender computes the amount needed to pay escrow items each year and after changes… Read More
Does a Vaulted Ceiling Affect a Home's Value?
Vaulted ceilings and other types of optional features can have an effect on the appraised value of your home. The home appraisal process begins when an appraiser determines the base… Read More
What Is a Loan Commitment Letter?
If you have satisfied a lender’s underwriting requirements, you should receive a loan commitment letter. You may use a loan commitment letter from a licensed mortgage lender to validate your… Read More
How to Create a Voluntary Lien for a Home Property
A voluntary lien is created when a borrower pledges a property as collateral for a loan. A lien is recorded and gives the creditor the ability to initiate a foreclosure… Read More
The Tax Consequences If Parents Pay Children's Mortgage
As a parent, you might want to give your kids money for a mortgage, such as for a wedding gift, but this action may or may not have tax consequences.… Read More
Do Mortgage Borrowers Have to Be on the Title Deed?
At least one of the borrowers on a mortgage loan must be on title, or have his name on the deed, to the collateral real property. The other code borrowers,… Read More
What Are Aggregate Loans?
When entering into loan contracts, it is essential to know the vernacular. Terms like aggregate loan limits and total exposure can sound like a foreign language to the average consumer.… Read More
What Is an All Inclusive Trust Deed?
It is common for homeowners to hold a second, maybe even a third mortgage on a home. The multiple liens on the property can create confusion to potential buyers or… Read More
Reason for a Mortgage Being Denied by an Underwriter
Most home buyers borrow money in the form of a mortgage to pay for the majority of the cost of a home. When a borrower seeks a mortgage from a… Read More
Does a Deed of Trust Change When You Refinance?
A deed of trust is a legal document used to create a mortgage lien favor of a mortgage lender. The deed of trust gives the mortgage lender security for the… Read More
What Is the Difference Between Mezzanine Debt & Subordinated Debt?
Both mezzanine debt and subordinated debt are useful tools in real estate finance, as they both provide a form of secondary mortgage financing on projects. However, while mezzanine debt and… Read More
The Department of Veterans Affairs (VA) guarantees mortgages for military personnel and certain relatives of veterans. This government guarantee protects lenders by reimbursing them in the event of homeowner default.… Read More
When you purchase a home with a mortgage loan, it's advantageous to have your real estate taxes and homeowners insurance included in your mortgage payment. These expenses aren't part of… Read More
Difference Between Refinance & Renewal
In lending, the terms refinance and renewal sound interchangeable, but are actually two distinct processes. A renewal simply involves extending the maturity of a loan without changing any other terms.… Read More
The Disadvantages of Short Selling Your House
Since mortgage foreclosures remain on credit reports for a period of seven years and significantly reduce FICO scores, it's understandable for a mortgage borrower to do everything possible to avoid… Read More
Reconveyance documents are used to transfer all or part of a mortgagee's interest in real property to the owners of record or other entity. When homeowners pay off their mortgage… Read More
How to Sell a House After Your Spouse Dies
The grief of dealing with a spouse's death is exacerbated by the stress of having to potentially sell your marital residence. Whether you don't have the necessary income or you… Read More
What Is an Escrow Balance Refund?
For mortgage borrowers who do not want to have to worry about making payments on taxes and insurance, the escrow account can make things easier for them. If you receive… Read More
Overdraft bank charges are costly, but they don't directly affect your credit rating. While a few overdraft occurrences won't typically impact your ability to get a mortgage, there are circumstances… Read More
Can a Retired Couple on a Fixed Income Refinance Their Home Mortgage?
A lender has the same criteria for purchasing or refinancing a home. It looks at your debt ratio, credit, income, cash reserves and equity. Your source of income can be… Read More
How to Change the Title on House When You Are Married
Changing the title on a house when you get married alters ownership rights of the property. Married couples change titles for various reasons; for example, a husband might have purchased… Read More
The Federal Housing Administration began in 1934 to help low-income people obtain mortgages. FHA insurance protects lenders against losses when lending to higher-risk borrowers. To fund FHA's insurance reserves, borrowers… Read More
If you own a home and occupy it as your primary residence, you may be entitled to a homestead exemption, which saves you money on your property taxes each year.… Read More