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non related answer but by law you don't need to pay a mortgage ;)
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∙ 12y ago
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Why do you have to initial every page of mortgage deed?
Initialling each page means that each page has been verified by you, and prevents the lender from switching the terms.If you didn't initial each page, they could theoretically (and unethically) insert new items in the contract.
What is expandable mortgage?
An expandable mortgage is a Mortgage allowing the borrower to borrow more money without rewriting the initial mortgage.
What is initial payment on a mortgage called?
Down payment
What mortgage type typically offers low rates for an initial period of time after which the entire balance is due?
balloon mortgage
What does it mean by mortgage prequalification?
Mortgage prequalification is a term used when an initial application for a mortgage as been approved. This will depend on the information your originally applied for a mortgage, and will be further confirmed if you found a home to purchase.
If I want to invest in homes, what would the mortgage financing be?
You can use an online mortgage finaciing site that will calculate what you mortgage payment, closing costs and initial insurance costs would be for the home that you are looking at.
Can someone get a mortgage on a new house if they have not sold their current home?
Yes, but the existing mortgage (and interest on bridge loan) will be a factor in the points and interest on the new mortgage, as the initial risk to the lender is higher.
What is the advantage of a convertible adjustable-rate mortgage?
This type of mortgage vehicle gives the borrower the benefit of a low initial rate with the option to refinance to a fixed-rate mortgage at about half the typical refinance cost.
how can one obtain a mortgage loan that has no cost to the lender?
When you take out a mortgage you are agreeing to payback over time a certain percentage above and beyond the initial sum stipulated in the Mortgage. There is no fee that the lender has to pay as they are the ones setting up the mortgage with you and you alone.
What are the prequalifications for a mortgage?
A prequalification is the initial step in a mortgage process. One has to supply a bank or lender with his overall financial picture such as debt, income and assets. After this information is evaluated, a lender can give one the idea of the mortgage amount for which they qualify.
Is there a requirement for the second mortgage to be included on the first mortgage insurance?
There is a document called the loss payee clause. Each lender needs their own clause, they can't be combined as one document. So yes there is a requirement for the second mortgage to be listed as a loss payee. Before a loan can be funded, first or second mortgage, the prospective lender will ask you for your homeowners declaration page. They will than contact your second mortgage lender and make sure that they are listed as a lienholder.
How to cut down the years of 30-year mortgage?
You can refinance the mortgage. You can pay additional principle each month. This will reduce the overall cost of the mortgage. By paying double the principle amount each month, you eliminate a payment at the end of the mortgage time.
