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What else can I help you with?
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 mortgage type typically offers low rates for an initial period of time after which the entire balance is due?
balloon mortgage
What is initial payment on a mortgage called?
Down payment
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.
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.
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.
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.
When considering an Adjustable Rate Mortgage what does the discount describe?
In the context of an Adjustable Rate Mortgage (ARM), the discount typically refers to the difference between the initial interest rate offered and the fully indexed rate that will apply after the initial fixed period. This initial lower rate can make the mortgage more affordable at the start, but it may lead to higher payments in the future when the rate adjusts. The discount is essentially a temporary benefit that can incentivize borrowers to choose an ARM over a fixed-rate mortgage.
How do you initial each page?
To initial each page, simply write your initials in the designated area, typically in the top right or bottom right corner. Ensure that your initials are consistent across all pages for easy identification. If you’re using a digital document, you can insert an image of your initials or type them in a clear font. Always check that your initials are legible and not obstructing any important content.
How do you calculate an adjustable rate mortgage?
To calculate an adjustable rate mortgage, you typically start with the initial interest rate and the index it's tied to. Then, you add a margin set by the lender to determine the new interest rate at each adjustment period. This calculation helps determine the borrower's monthly payments.
