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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.
What else can I help you with?
Can you transfer a mortgage to another property if one party is now bankrupt?
No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.
What describes how a fixed-rate mortgage works?
The monthly payment on a fixed-rate mortgage never changes.
Are mortgage rates still in the news?
Mortgage rates are often in the news. The recent recession and continuing fears about the economy mean that changes in mortgage rates are a hot topic for reporters.
What is meant by the terminology fixed mortgage rates?
A fixed mortgage rate is an interest rate that will not change for the term of the mortgage. This is in contrast to a variable mortgage rate which changes frequently based on the prime rate or other benchmark rate.
Why does the second mortgage holder have to approve of the first mortgage refinance?
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
Can you transfer a mortgage to another property if one party is now bankrupt?
No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.
What Is Variable Mortgage used For?
Variable mortgage is used for things that involve mortgage such as a house. Every time the prime rate changes, so does the mortgage, therefore the mortgage is variable.
What describes how a fixed-rate mortgage works?
The monthly payment on a fixed-rate mortgage never changes.
Are there changes in home mortgage refinancing?
Yes, since the beginning of 2012 there have been many positive changes in home mortgage refinancing. Some of the changes include lower interest rates and also the HARP act.
Are mortgage rates still in the news?
Mortgage rates are often in the news. The recent recession and continuing fears about the economy mean that changes in mortgage rates are a hot topic for reporters.
What is meant by the terminology fixed mortgage rates?
A fixed mortgage rate is an interest rate that will not change for the term of the mortgage. This is in contrast to a variable mortgage rate which changes frequently based on the prime rate or other benchmark rate.
Which of these describes an adjustable rate mortgage?
it is subject to changes in interest rates.
Why does the second mortgage holder have to approve of the first mortgage refinance?
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
Can someone that has a home equity loan with a co-signer just sign the loan over to the co-signer?
No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.
Does a rider to a Deed of Trust or Mortgage replace the Deed of Trust or Mortgage?
No. A rider adds to the document, and perhaps changes some of the original provisions.
What is the index and how does it relate to an adjustable rate mortgage?
The index is a benchmark interest rate that an adjustable rate mortgage is tied to. Changes in the index determine how the interest rate on the mortgage will adjust over time.
What are the potential consequences of switching jobs during the mortgage process?
Switching jobs during the mortgage process can have potential consequences such as delays in approval, changes in income verification, and possible impact on creditworthiness. It is important to consult with a mortgage advisor before making any job changes during this time.
