Are you better off making a mortgage payment once a week or 30 days before it is due or when it is due?
It does not matter how many times do you make a payment. What matters is, a complete payment of minimum amount due is paid before the due date.
The mortgage payments must be made or the lender will foreclose the mortgage.
One reason to refinance a mortgage is to get a better interest rate, so two things to look at are whether your credit score or the market in general have improved since you originally financed or last refinanced your mortgage. If either of those things are true it is likely that you will be able to get a better rate by refinancing. Alternately, you may consider increasing or decreasing the length of your mortgage. With… Read More
Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.
No. fraud, in the legal sense, is to deliberately mislead in order to benefit at another's expense.
The property will transfer subject to the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure. However, please note that most mortgage documents contain a 'balance due on transfer clause". That means if the title to the property is transferred the bank can demand full payment of the mortgage. You should consult with your bank before making this transfer.
By making half of a monthly mortgage payment every two weeks, homeowners can save a substantial amount of money over the term of a mortgage loan. Typically, if a homeowner pays half of their monthly mortgage payment every other week, they will reduce a 30-year fixed-rate mortgage by approximately seven years. The reason is simple: instead of making 12 monthly payments, homeowners are making half a payment every two weeks, resulting in 26 half payments… Read More
You can convey your property to a trust but the property will still be subject to the mortgage. You must check with your bank before making that change in title. Most banks require an immediate payment of the mortgage when there is a change in ownership. The bank may require that you refinance in the name of the trust.
Although there is typically no consequence to paying a late mortgage payment, there is typically consequences to making mortgage payments late. These consequences typically include a late fee, increased interest rates, and a lowered credit rating.
One payment may not be enough to stop the progress of the repossession proceedings. You need to communicate with the mortgage company and arrange to make regular payments.
Yes. You would be a volunteer. You would be guaranteeing that the loan will be paid. If the owner of the property stops making mortgage payments the bank will be able to go after you for the full payment of the mortgage, and it will. That would be the only reason for you to for sign the loan. If the mortgage goes into default your credit will be ruined. The question is, "Why would you… Read More
You should be very careful about transferring property that is subject to a mortgage. Mortgage contracts contain a provision whereby the lender can demand payment in full upon any transfer in interest. Transferring your property to a trust would trigger that clause and the bank could demand that you pay off your mortgage immediately. You should consult with your attorney before making such a transfer. Generally banks do not approve mortgages for property owned by… Read More
With most home mortgages you can make additional payments without a penalty. In fact making one extra payment a year can reduce a 30 year mortgage to around 21 years.
Probably if you have a mortgage on the property. The the bank is probably making the insurance payments for you and just tacking it onto what you already owe them. Many times, your monthly mortgage payment includes amounts that are put into escrow to cover mortgage insurance, property/casualty insurance, and your property taxes. The remainder of your payment is used to pay the debt service (the loan). That said, if something were to happen (for… Read More
Pre-qualification for a mortgage is achieved by determining the price range of the home you wish to purchase, having a reasonable down payment for the loan in mind, and making sure to have all of your personal identification readily available when filling out an application for a mortgage loan. You can also call your banking institution and ask for a consultation with a mortgage loan representative.
How is your credit affected if you miss a one month payment of your car loan and what will be its affect on the mortgage loan?
If you already have a mortgage, no effect. If not, and you have made up the payment,and all other credit payments are ok, and you qualify in all other respects, not much of an effect. But if you have credit cards and are making payments, their interest rates may go up dramatically.
Can your in-laws apply for the mortgage using their credit score even though your husband and you would be making the payments and how soon after that can you switch it into your names?
If your in-laws apply for the mortage, the mortgage is in their name and they're responsible for paying the bill. If you pay them in order to make the mortgage payment, you are building their equity, not yours. The only way you can switch the mortgage to your name is for you to buy the house from your in-laws.
If you mean the c. 7 was dismissed before you got your discharge, you may not have to reaffirm. Everything goes back the way it was before you filed. If you mean you have not received reaffirmation documents from your lawyer or the mortgage company and you have received your discharge, the discharge only applies to the unsecured debts, not the mortgage, and if you signed the "Statement of Intentions" which said you were reaffirming… Read More
A fixed mortgage rate is when the interest rate remains the same for each payment. The person making the loan repayments benefits from a fixed interest amount and knowing the amount will remain the same. Fixed loans depend on the duration and the loan amount.
A deductible is the amount that you must pay out of pocket before the insurance company will start making payment.
There is no limits in the general rules as to how many times it is possible to refinace a mortgage. There are some guidelines on qualifications that everybody should check out before making that investment.
My husband passed away he owes the mortgage but my name is on the deed and not on the loan but you have been making the mortgage payment can the lender take your property away?
few things i would have to know first ... was the mortgage taken out on the house that you shared ??? did you legally marry him in the USA ??? is the property in the USA ??? if all answers are YES then YES they can ... the house is legally half his by common law ... i take it you never disputed the mortgage... there for you agreed to the loan ... you take… Read More
Can a car be repossessed if you are late making the remainder of the down payment but have been on time making the car payment?
YES, making the down payment is part of the contract and you are in default on it.
Most mortgages are fully amortizing. Meaning the pay the principal down to 0 over the term. Many today have special payment schedules that allow lower payments originally, even less than the interest due so the principal even grows while your making payments. On just about any mortgage, the amount of the payment that is principal vs interest changes literally with every payment. You need to refer to an amortization schedule for your specific rate and… Read More
What do you do if you owner financed a home and now the owner is not making payments and the mortgage company is going to foreclose?
You have to make the payment, but you also need to start forclosure yourself. Get the property back and sell it again.
Does making one extra principal payment a year to your mortgage greatly reduce the length of the loan?
Yes, this is GURANTEED SAVINGS of time and money. For example, I know of a family who were in their mid-forties. They decided to make the incremental equivalent of an extra payment per year, to principal only, by increasing their monthly mortgage payment by 1/12th--a mere $153 in their case. Their discipline saved them $114,837 in interest and 85 payments! NOTE: You save more time and money when you reduce your principal balance earlier in… Read More
You must verify the accreditation of a school before you consider making any payment to that school.
Can a company repossess your car if you are making your required payments on time every month but were behind one payment from the year before?
but were behind one payment from the year before?":**** you answered your own question, didnt you? Pay them $5.00 per month on the way behind payment and maybe they will be quiet. LOL
The economy is making the mortgage rate go down.
If you have past the time of day to make a mortgage payment on February 28 does this exceed the 30-day limit for the month and will this be reported to the credit bureau?
If you are speaking of making payments on line, the answer is probably yes, however most mortgage servicing lenders will accept payments by telephone up to 9 pm cst. try calling the 800 number provided by you mortgage company
The correct way to is to say "make a payment." Your action isn't doing anything besides actually making said payment, so "doing a payment" would be incorrect. To use it correctly in a sentence, an example of this would be "I need to hurry up a make a payment before my landlord takes my apartment away from me."
There are a large number of mortgage calculators available online. Those calculators can help calculate mortgages with different rates in order to weigh different options before making a decision.
No, it is not correct. The following are all correct sentences: The payment will be made. The payment will be complete. The payment will be completed. Someone is going to make the payment. Part of the problem is the choice of verb: in English, we speak of "making a payment", not "doing a payment". Also, while "is going to" is not strictly incorrect when used in the passive voice, it can sound awkward, and "will"… Read More
You need to review your mortgage documents before making a change in ownership. Generally, mortgages have a due on transfer clause and the bank can demand full payment if there is any change in ownership. You should consult with the attorney who represented you at your closing when you purchased the property or when you financed it. Generally, you are not free to transfer your property if it is subject to a mortgage. Most mortgage… Read More
You need to be careful about transferring property that is subject to a mortgage. Virtually all mortgage documents contain a clause that states any transfer of ownership will trigger a requirement that the mortgage balance be paid in full immediately. You should consult with an attorney or the lender before making any transfer.
You must be making the payments to claim the interest. However, if you are not on the mortgage there could be an issue.
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
Buying a house and making your mortgage payment on time is one way. As well as making regular and ON TIME payments on all your bills! The simplest way is with a credit card. Just be sure to pay off the balance each month to build "good" credit.
the purpose was to make a better life and to ease down on payment and other expensis
This insurance covers the mortgage debt if you should face an untimely death before it is paid. There are life insurance policies that carry optional mortgage coverage insurance that in many cases are more beneficial than what you would receive from your bank. Do some shopping around before making any decisions.
0 days--It is at the companies discretion..there is no law stating a vehicle has to be a certain number of days before it can be repoed
An interest-only mortgage calculator can help you determine how much money you'll save by getting a shorter-term mortgage, refinancing your mortgage and/or making additional payments on your mortgage.
A balloon mortgage is a short-term, fixed rate home loan with fixed monthly payments for a set number of years (usually 5-10) followed by a final payment of the principal. Payments are usually lower with a balloon mortgage because only the interest is paid each month. For example, borrowing $10,000 in a balloon mortgage means that a large payment is due in one lump sum at the end of the term. Note that if you… Read More
Yes, you can. You add the rent to your income and add the payment to your monthly bills. The difference is called "positive cash flow" and it's ideally what you want to have or you will be losing money as a landlord. Owning rental property and making the payments on time with positive cash flow is a good thing when trying to get a mortgage, HOWEVER if you are getting a mortgage for more rental… Read More
Non performing mortgage loans hurts a bank's profitability. This should cause a bank to be more prudent when making mortgage loans. In severe cases of defaults, a bank may decide to cease making such loans. To avoid more risk, the bank could find another bank to sell its mortgage portfolio to.
You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal. You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal. You can reduce the principal by making extra payments… Read More
By making on or before time payment of your financial liabliliies.. like EMI's, credit card payments etc..
What are the pros and cons to paying home owner's insurance included in mortgage payment or separately?
The pros of making your inurance payment separately in my case is that it allows me to pay the entire year at once. I can then take the difference from what my monthly mortgage payment would have been and invest it until my next premium is due. I keep the gains, withdrawl the amount for the premium and repeat this prcedure year after year. The con would naturally be coming up with the initial full… Read More
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
the person making the payment
You can find today's mortgage interest rate by contacting your local bank or real estate agent. Rates can vary from bank to bank, and it is generally a good idea to check them again before making a major purchase.