How can you find out if Freddie Mac owns your loan?
Lenders require mortgage insurance to protect their investment on mortgages issued with little or no down payment. If the borrower defaults on the mortgage, the mortgage insurance company comes in to reimburse the lender. Mortgage insurance is not free, however, and the borrower must make monthly premium payments to the mortgage insurance company despite the fact that the insurance protects lenders and not homeowners.
What is a payday loan?
A payday loan is a short-term loan, usually $500 or less, that borrowers are expected to pay before their next payday. Payday loans are an option to fund unexpected purchases that arise before the end of the month.
What is a signature
According to Investopedia, a signature loan is a personal loan that does not require collateral to secure, typically issued by a bank or other financial institution. The loan is issued based on the customer's signature on the loan papers and his word that the loan is to be repaid. Because the loan is unsecured, it is also sometimes called a character loan or good faith loan.
What is a conventional loan?
A conventional loan is a home mortgage issued by a traditional lender without support from a government-backed loan program. Typically, with a conventional loan, the borrower pays 20 percent down on the purchase price of the house. However, borrowers can get traditional non-government bank loans with a smaller down payment.
What is a registration loan?