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What questions should I ask my lender about my adjustable rates mortgage?
Wiki User
∙ 16y ago
Your number one question is going to be about your rate cap. Adjustable rate mortgages have a rate cap to make sure your mortgage stays with in a range you can afford to pay. The result of adjustable rates that swing to high can often be foreclosure, so this is very important.
Ask your lender if there are any fixed rate mortgages you can qualify for. Even if it starts out at a higher rate than the starting rate of an adjustable mortgage, a fixed rate mortgage is best. Adjustable rates can swing as high as the prime rate, and you don't want to have an unpredictable mortgage payment.
Wiki User
∙ 16y ago
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What should I be aware of when looking for a mortgage lender?
You should look for a mortgage lender that offers a free consultation. They should be very upfront and let you know what the fees will be. You should chose a lender that has a brick and mortar location.
Can a mortgage company sue for the entire amount of a second mortgage after foreclosure even though they received money to cover the first and some of the second after the sale of the property?
First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.
Will you be notified about a foreclosure if you are on the title but not on the note?
Yes. The lender will check the title and if you have acquired an interest since the mortgage was granted you should receive notice.Yes. The lender will check the title and if you have acquired an interest since the mortgage was granted you should receive notice.Yes. The lender will check the title and if you have acquired an interest since the mortgage was granted you should receive notice.Yes. The lender will check the title and if you have acquired an interest since the mortgage was granted you should receive notice.
What should you receive from lender when you pay off your mortgage?
A letter of release stating that the mortgage is paid in full.
Is there mortgage insurance in case of death?
Yes. You should ask your lender. You should also check out a simple term life insurance policy in the amount of the mortgage. It may be less costly.Yes. You should ask your lender. You should also check out a simple term life insurance policy in the amount of the mortgage. It may be less costly.Yes. You should ask your lender. You should also check out a simple term life insurance policy in the amount of the mortgage. It may be less costly.Yes. You should ask your lender. You should also check out a simple term life insurance policy in the amount of the mortgage. It may be less costly.
Who is legally responsible for a mortgage after death?
The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.
Why should a person choose adjustable rate mortgage when buying a house?
One who chooses adjustable rate mortgage when buying a house considers the salary changes, the interest up or down and other factors.
Will a name affidavit suffice if the name is incorrectly spelled on the mortgage instrument?
The answer depends on the severity of the mis-spelling. The lender's attorney should make a determination whether a confirmatory mortgage should be recorded in order to protect the interest of the lender.
Can you leave your home to your beneficiary in your will if it is subject to a mortgage?
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
Can a mortgage company come back on the estate of a deceased person when the survivor - who is not an heir with JTWROS defaults on the loan?
If the decedent signed the mortgage the lender can take possession of the property by foreclosure if the mortgage isn't paid.Whether the lender can sue the estate for any deficiency depends on several factors including the law in your jurisdiction. You should ask the attorney who is handling the estate.If the decedent signed the mortgage the lender can take possession of the property by foreclosure if the mortgage isn't paid.Whether the lender can sue the estate for any deficiency depends on several factors including the law in your jurisdiction. You should ask the attorney who is handling the estate.If the decedent signed the mortgage the lender can take possession of the property by foreclosure if the mortgage isn't paid.Whether the lender can sue the estate for any deficiency depends on several factors including the law in your jurisdiction. You should ask the attorney who is handling the estate.If the decedent signed the mortgage the lender can take possession of the property by foreclosure if the mortgage isn't paid.Whether the lender can sue the estate for any deficiency depends on several factors including the law in your jurisdiction. You should ask the attorney who is handling the estate.
What forms should you receive when you pay off your home loan?
In states that use mortgages:Your lender should record a discharge of mortgage in the land records where the original mortgage was recorded. You should also receive a discharge in the mail. You should make certain it was recorded by the lender by visiting the land records office a few weeks after you receive your copy. If it was not recorded then you should record your own copy.In states that use mortgages:Your lender should record a discharge of mortgage in the land records where the original mortgage was recorded. You should also receive a discharge in the mail. You should make certain it was recorded by the lender by visiting the land records office a few weeks after you receive your copy. If it was not recorded then you should record your own copy.In states that use mortgages:Your lender should record a discharge of mortgage in the land records where the original mortgage was recorded. You should also receive a discharge in the mail. You should make certain it was recorded by the lender by visiting the land records office a few weeks after you receive your copy. If it was not recorded then you should record your own copy.In states that use mortgages:Your lender should record a discharge of mortgage in the land records where the original mortgage was recorded. You should also receive a discharge in the mail. You should make certain it was recorded by the lender by visiting the land records office a few weeks after you receive your copy. If it was not recorded then you should record your own copy.
Does a quitclaim deed relieve a person of the debt on the mortgage?
Of course not. If the person signed a mortgage they will be responsible for paying the mortgage until it is paid in full. The mortgage is a contract with the lender.You should not transfer property that is encumbered by a mortgage. Mortgages contain a due on transfer clause. That means if there is a transfer of ownership the lender can demand payment in full immediately. If the mortgage isn't paid the lender will foreclose and additions expenses and costs will be added to the amount due.Of course not. If the person signed a mortgage they will be responsible for paying the mortgage until it is paid in full. The mortgage is a contract with the lender.You should not transfer property that is encumbered by a mortgage. Mortgages contain a due on transfer clause. That means if there is a transfer of ownership the lender can demand payment in full immediately. If the mortgage isn't paid the lender will foreclose and additions expenses and costs will be added to the amount due.Of course not. If the person signed a mortgage they will be responsible for paying the mortgage until it is paid in full. The mortgage is a contract with the lender.You should not transfer property that is encumbered by a mortgage. Mortgages contain a due on transfer clause. That means if there is a transfer of ownership the lender can demand payment in full immediately. If the mortgage isn't paid the lender will foreclose and additions expenses and costs will be added to the amount due.Of course not. If the person signed a mortgage they will be responsible for paying the mortgage until it is paid in full. The mortgage is a contract with the lender.You should not transfer property that is encumbered by a mortgage. Mortgages contain a due on transfer clause. That means if there is a transfer of ownership the lender can demand payment in full immediately. If the mortgage isn't paid the lender will foreclose and additions expenses and costs will be added to the amount due.
