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This is when you take the loan you currently have and then refinance the current amount for better interest rates and better payment installments. It gives a better payment and interest rate, however it will place the loan back into a longer period to pay off.
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What does the term freedom mortgage mean?
Freedom Mortgage is not a just a term, but is actually a mortgage company. Freedom Mortgage Corporation is a private full-service mortgage lender that is licensed in all 50 states.
What does the term bad debt mortgage mean?
The term 'bad debt mortgage' implies that the borrower has applied for a mortgage and been accepted. However, the borrower has then defaulted on his mortgage payments and it is considered that they are unlikely to be able to repay the loan.
How do you re mortgage a house?
You can re-mortgage a house with your local bank or at another financial institution. You must go in to the bank and apply for a re-mortgage at any local branch.
What does 'balloon mortgage' mean?
The term 'balloon mortgage' refers to a type of loan where one pays off the majority of the capital at the end of the term. You pay the interest in the meantime.
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.
What is the term mortgage offset mean?
The term mortgage offset mean a flexible type of mortgage that allows one to reduce their rates and balance on loans and mortgage debts. This type of mortgage is uses more commonly in England.
What does the term freedom mortgage mean?
Freedom Mortgage is not a just a term, but is actually a mortgage company. Freedom Mortgage Corporation is a private full-service mortgage lender that is licensed in all 50 states.
What does the term bad debt mortgage mean?
The term 'bad debt mortgage' implies that the borrower has applied for a mortgage and been accepted. However, the borrower has then defaulted on his mortgage payments and it is considered that they are unlikely to be able to repay the loan.
How do you re mortgage a house?
You can re-mortgage a house with your local bank or at another financial institution. You must go in to the bank and apply for a re-mortgage at any local branch.
What does 'balloon mortgage' mean?
The term 'balloon mortgage' refers to a type of loan where one pays off the majority of the capital at the end of the term. You pay the interest in the meantime.
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.
How long is the typical repayment period for a mortgage?
The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates. The term acts like a 'reset' button on a mortgage. When the term is up, you must renew your mortgage on the remaining principle, at a new rate available at the end of the term.
If discussing mortgage leads what would the term 'cherry picked' mean?
When discussing mortgage leads, the term cherry picked means looking at a list and selecting the best and most desirable lead that is suitable to your needs.
What exactly is an re mortgage?
Re-mortgage is another word for refinance. By re-mortgaging your home loan, you might be able to secure a better interest rate, saving money in the long run.
Is a balloon mortgage the same as a mortgage?
No. A balloon mortgage is a relatively short term mortgage with a huge payment due at the end of the term. A mortgage is generally for a longer term with uniform payments for the life of the mortgage unless it is an adjustable rate mortgage. In that case the interest rate increases after the first couple of years and the payments go up.
What does the term mortgage equity actually mean?
Mortgage equity is the term used in the financial industry for the amount of cash value your home is worth at current market value minus the remaining payments you still owe on the home.
Can you re-finance your reverse mortgage?
yes, you can refinance it to a regular mortgage, or if interest rates are lower you can streamline it to a new reverse mortgage.
