What factors affect mortgage interest rates? Mortgage interest rates are determined by several factors, including your credit score, the location of your home, down payment amount, length and type of mortgage and whether your interest rate is fixed or variable. Read Full Article Share FacebookTwitterLinkedIn
What is a reverse mortgage, and who qualifies for it? A reverse mortgage differs from a traditional mortgage in that the loan is repaid when the borrower no longer lives in the home. The loan balance grows each month as interest and fees are tacked on. Homeowners with reverse mortgages… Read Full Article Share FacebookTwitterLinkedIn
What is a pre-approval letter, and why is it important? A pre-approval letter is a written document that comes from a lender stating that some of a prospective buyer’s information has been reviewed and important criteria have been met. This letter is not a guarantee that a lender will back… Read Full Article Share FacebookTwitterLinkedIn
What happens once my mortgage is paid off? Congratulations! Once you pay off your mortgage, you will receive documentation from your lender or broker. You will then need to notify your local records office in order to receive your deed of trust. Read Full Article Share FacebookTwitterLinkedIn
What happens if I have questions about my mortgage years later? A reputable lender will always be available to help and answer your questions — no matter if it’s one week or 10 years after you sign your mortgage. Read Full Article Share FacebookTwitterLinkedIn
When does the foreclosure process start? Foreclosure is when the lender takes control and ownership your home and removes you from the property. This typically occurs 120 days after the borrower hasn’t made any monthly mortgage payments. Read Full Article Share FacebookTwitterLinkedIn