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Which document represents the borrowers promise to repay the loan A) Compliance Agreement B) Note C) Mortgage D) Deed of Trust?
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Which document represents the borrowers promise to repay the loan?
Mortgage
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
How do you get the PMI company to pay off the mortgage after the death of one of the borrowers?
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
What is a LP Mortgage?
LP Stands for Loan Prospector, This is a full feedback Certificate , under Freddie Mac reflecting the borrowers eligibility or restrictions on a refi or purchase and debt to income ratios or type of mortgage to evalute borrowers ability to qualify for a loan under freddie Mac
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.
Which document represents the borrowers promise to repay the loan?
Mortgage
What is Mortgage EMI Sleeping PeriodMortgage EMI Sleeping Period offers mortgage borrowers a break from making mortgage EMI payments, It allows borrowers to utilize their EMI payments for other emergencies?
Mortgage EMI Sleeping Period offers mortgage borrowers a break from making mortgage EMI payments, It allows borrowers to utilize their EMI payments for other emergencies. Mortgage EMI Sleeping Period can be a huge relief to borrowers presently as the interest rates have been increasing.
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
A mortgage lender that represents a pension fund is known as?
A mortgage lender than represents a pension fund is called a mortgage banker.
How do you get the PMI company to pay off the mortgage after the death of one of the borrowers?
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Why Every Homeowner Should Consider Mortgage Refinancing?
Mortgage refinancing is one of the easiest ways for homeowners to save money each and every month. Borrowers who took out a mortgage during the height of the housing bubble may be paying as much as 8% interest on their home mortgage. Borrowers are now able to lower their monthly mortgage payment by hundreds of dollars thanks to low interest rates being offered by banks. One of the reasons many homeowners have not considered mortgage refinancing is due to the costs involved. Closing costs include application fees, mortgage insurance, points and legal fees. Points are calculated as a percentage of your loan. For example, if you have a $200,000 home mortgage and the lender requires 1 point you would have to pay $2000 in points. Application fees, mortgage insurance and legal fees vary from lender to lender. Borrowers often believe that the legal fees will outweigh the amount that they can save. This is rarely true. For example, if your loan cost $5,000 to refinance you would be able to see savings in just ten months with a $500 a month payment reduction. Borrowers should calculate how long it will take them to see savings on their home mortgage. Most borrowers are able to save thousands of dollars over the course of their home mortgage by refinancing. Lender expenses are another cost factor in mortgage refinancing. Attorneys fees will be included in your mortgage refinancing. These are legal costs that a mortgage company has to pay when refinancing your mortgage. Points are included in your expenses as well. Prepayment penalties will be included in your mortgage refinance. Make sure to review your mortgage documents for your existing mortgage to determine whether or not you are subject to a prepayment penalty. Borrowers also should refinance their mortgage if they can afford to make larger payments over a smaller term. Decreasing the term of your home mortgage enables a borrower to be able to pay less interest as well as pay off their mortgage faster. Borrowers also can increase the length of their mortgage if they have a lower income. Borrowers should consider the costs of both of these actions before proceeding. Refinancing your mortgage can be an excellent opportunity to save yourself both time and money. Being able to save thousands of dollars a year means borrowers can have extra money to pay for other expenses. Refinancing your mortgage is more affordable than many homeowners might believe.
What is a LP Mortgage?
LP Stands for Loan Prospector, This is a full feedback Certificate , under Freddie Mac reflecting the borrowers eligibility or restrictions on a refi or purchase and debt to income ratios or type of mortgage to evalute borrowers ability to qualify for a loan under freddie Mac
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 you take your partners name of a joint mortgage if they are not paying their half of the mortgage as per agreement?
no
Does Chase provide amortization tables for borrowers?
Chase does provide amortization tables for borrowers if the borrower is looking at a mortgage. It can be accessed through one of their calculators that calculates the benefit of making extra payments.
Which mortgage loans require mortgage insurance?
FHA Loans is the one who required mortgage insurance as in protection to the banks and lenders. While in conventional loan, PMI or private mortgage insurance is required for those borrowers with less than 20% equity.
Where can one find a list of careers in mortgage lending?
There really isn't a place that has a list of careers in mortgage lending. There are several jobs that one can hold in the mortgage industry including a Mortgage Loan Specialist and a Mortgage Compliance Analyst.
