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When you re mortgage can you decide which lender you switch to?
Wiki User
∙ 12y ago
Yes, one of the benefits of remortgaging is that you can choose a new lender with a better rate. It is then the responsibility of that new lender to pay off your old mortgage with their proceeds from your new one.
Wiki User
∙ 12y ago
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When does it make sense to try to refinance to get better mortgage rates?
People refinance to get a better rate. Even one percent can make the difference in thousands and thousands of dollars of interest over the life of the mortgage, depending on how much was borrowed, how much is owed and the current terms. Your lender can advise you when re-financing is a good idea. Talk to your mortgage lender. There are often costs associated with re-financing. Get assistance to calculate the actual savings of a re-fi when measured against the cost. It always makes sense to re-fi IF it will save money in the long run.
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 is mortgage default swap?
I think what you are referring to is basically a credit default swap. This is a kind of insurance that the lender of the loan or the mortgage can purchase in order to ensure that the re-payment on the loan will be made in the event that the borrower defaults on the payment. This protects the back and spreads the risk.
If a bank refinances a first mortgage and there is a second mortgage on the property who does the first mortgage belong too?
The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total Mortgage Services
What can you do if a house is purchased with a fixed rate loan and the mortgage is reassigned to another lender and that lender changes the loan to an ARM?
First of all, you signed an agreement with a fixed rate, and just because it was sold does not mean they have the right to change the mortgage agreement. If you signed a new mortgage agreement stating the new agreement then you are liable for that, but you can call your mortgage company and tell them you have a copy of the agreement you signed and, that you didn't agree to an arm. To sum it up, unless you re-signed a mortgage agreement, they DO NOT have the right to change anything just because they have baught your mortgage from your original mortgagor. Please do not let them run you over. Good luck.
Need to get your ex-spouse off the mortgage but you are not approved to re-finance?
The lender must agree, and is unlikely to agree if you cannot refinance.
When does it make sense to try to refinance to get better mortgage rates?
People refinance to get a better rate. Even one percent can make the difference in thousands and thousands of dollars of interest over the life of the mortgage, depending on how much was borrowed, how much is owed and the current terms. Your lender can advise you when re-financing is a good idea. Talk to your mortgage lender. There are often costs associated with re-financing. Get assistance to calculate the actual savings of a re-fi when measured against the cost. It always makes sense to re-fi IF it will save money in the long run.
When re-financing a mortgage on a co-op apartment who signs the recognition agreement the co-op board president or the management company?
Your lender can answer this question for you, with specifics.
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 is mortgage default swap?
I think what you are referring to is basically a credit default swap. This is a kind of insurance that the lender of the loan or the mortgage can purchase in order to ensure that the re-payment on the loan will be made in the event that the borrower defaults on the payment. This protects the back and spreads the risk.
If a bank refinances a first mortgage and there is a second mortgage on the property who does the first mortgage belong too?
The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total Mortgage Services
What can you do if a house is purchased with a fixed rate loan and the mortgage is reassigned to another lender and that lender changes the loan to an ARM?
First of all, you signed an agreement with a fixed rate, and just because it was sold does not mean they have the right to change the mortgage agreement. If you signed a new mortgage agreement stating the new agreement then you are liable for that, but you can call your mortgage company and tell them you have a copy of the agreement you signed and, that you didn't agree to an arm. To sum it up, unless you re-signed a mortgage agreement, they DO NOT have the right to change anything just because they have baught your mortgage from your original mortgagor. Please do not let them run you over. Good luck.
Can lender foreclose if home value decreases and you re making your payments?
No. A lender can foreclose only if you default on your mortgage payments. There are probably tens of thousands of homeowners who are making their mortgage payments on time even though their property has decreased in value. If there is no default there can be no foreclosure. I respectfully disagree. Okay it must be noted that we do not know the details in the lender's agreement with the signatory. Therefore it is possible for a lender to initiate foreclose based on something within the agreement something in the contract that has been violated. A foreclosure can in theory occur if you are making your payments because often times that is not the sole condition in the lender's agreement.
Can your mortgage company refuse payments after filing Chapter 7 Mortgage was not included in Chapter 7 filing.?
You know, everything ---that is ALL assets and ALL liabilities are included in your bankruptcy...(yes, they may be given different positions, but they all MUST be included)...you don't pick and chose. How did YOU decide to not include your mortgage? To the first responder: Um... Yes, you can eliminate anything you want from your filing. I'm going through it right now, and I am "re-affirming" my mortgage. Technically, I suppose it is still "listed" on the forms, but as soon as you re-affirm, you owe the debt again. To the original questioner: If you have filed the proper papers, your lender should not be able to refuse your payments (assuming they accepted the re-affirm), but you should talk to your bankruptcy attorney for more details. It would, I suppose, be possible for them not to accept the re-affirm, but then you would be out of the mortgage, and they would be stuck with the house, something I wouldn't imagine them wanting since they're in business to make money, not to own houses.
If you had a 152000 mortgage in 1987 the house was re mortgaged in March 2004 you would like to know what was remaining on the original mortgage amount?
The only way to determine the outstanding balance would be to either call your lender and ask or request your credit report and read through all of the liabilities.
How long does the lender has to redisclose on a home equity loan?
How long does a lender have to re-disclose to the consumer after a change in circumstance?
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.
