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Recasting a mortgage is when the borrower makes a large payment towards the principal balance of the loan, which then reduces the monthly payments and potentially the overall interest paid over the life of the loan.

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5mo ago

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Can you explain what it means to be pre-qualified for a mortgage?

Being pre-qualified for a mortgage means that a lender has estimated how much money you may be able to borrow based on your financial information. It is not a guarantee of a loan, but it can give you an idea of how much you can afford when looking for a home.


How does one explain a mortgage?

A mortgage is a concept which can be explained simply to someone. A mortgage is essentially a loan in which the house functions as a source of collateral.


Can you explain what being pre-approved for a mortgage means?

Being pre-approved for a mortgage means that a lender has reviewed your financial information and determined how much money they are willing to lend you for a home purchase. This can help you know your budget when looking for a house and shows sellers that you are a serious buyer.


What is the statute of limitations on second mortgage in CA?

A second mortgage is not included in a Statue of Limitation law. Explain more about your first mortgage, and I will be able to tell you what will happen to your second mortgage.


Can you explain how two or more individuals can share a mortgage for a property?

Two or more individuals can share a mortgage for a property by applying for a joint mortgage. This means that all parties are equally responsible for making mortgage payments and are co-owners of the property. Each person's income and credit history are considered during the application process, and all parties must agree on the terms of the mortgage.

Related Questions

How can one lower their mortgage?

There are several ways to lower your mortgage. Some ways include refinancing, recasting or resetting your mortgage, modifying your loan, reducing your assessment and paying down more of your principle. For best results, contact your financial service professional.


Can you explain what it means to be pre-qualified for a mortgage?

Being pre-qualified for a mortgage means that a lender has estimated how much money you may be able to borrow based on your financial information. It is not a guarantee of a loan, but it can give you an idea of how much you can afford when looking for a home.


How does one explain a mortgage?

A mortgage is a concept which can be explained simply to someone. A mortgage is essentially a loan in which the house functions as a source of collateral.


Can you explain what being pre-approved for a mortgage means?

Being pre-approved for a mortgage means that a lender has reviewed your financial information and determined how much money they are willing to lend you for a home purchase. This can help you know your budget when looking for a house and shows sellers that you are a serious buyer.


What is the statute of limitations on second mortgage in CA?

A second mortgage is not included in a Statue of Limitation law. Explain more about your first mortgage, and I will be able to tell you what will happen to your second mortgage.


Can you explain how two or more individuals can share a mortgage for a property?

Two or more individuals can share a mortgage for a property by applying for a joint mortgage. This means that all parties are equally responsible for making mortgage payments and are co-owners of the property. Each person's income and credit history are considered during the application process, and all parties must agree on the terms of the mortgage.


what happens to seller held mortgage when mortgagor dies?

If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.


Can you explain what a mortgage pre-approval means?

A mortgage pre-approval is a process where a lender evaluates your financial information to determine how much money they are willing to lend you for a home purchase. It shows sellers that you are a serious buyer and can afford the home you are interested in.


Can you explain what mortgage pre-approval means?

Mortgage pre-approval is a process where a lender evaluates your financial information to determine how much money they are willing to lend you for a home purchase. This helps you understand your budget and shows sellers that you are a serious buyer.


Can you explain what pre-approval for a mortgage means?

Pre-approval for a mortgage is when a lender reviews your financial information and determines how much money they are willing to lend you for a home purchase. This process helps you understand your budget and shows sellers that you are a serious buyer.


What means is 'mortgage value' as related real estate?

what means 'mortgage value' as the real estate property


Changing a childs utterance into a sentence is called?

Recasting.