Mortgages

When Can Mortgage Insurance Be Dropped?
When Can Mortgage Insurance Be Dropped?

Lenders typically require you to pay for mortgage insurance when you don't put down at least 20 percent on your home to protect the lender in the event you default on the loan. If you took out your mortgage before July 29, 1999, federal law doesn't require your lender to cancel ...

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More in Mortgages

How Long Do You Pay Mortgage Insurance on an FHA Loan?
How Long Do You Pay Mortgage Insurance on an FHA Loan?

Private mortgage insurance premiums on an FHA loan are based upon the amount of the loan and the amount of your down payment. How long you pay the premium will also depend upon these factors. Some ...Read More

How to Calculate the Qualifying Ratio for a Home Loan
How to Calculate the Qualifying Ratio for a Home Loan

One of the main factors in qualifying for a mortgage loan is the debt-to-income ratio. All lenders have slightly different guidelines. Different loan programs also recommend higher or lower ...Read More

Transferring a Deed of Trust to a Granddaughter
Transferring a Deed of Trust to a Granddaughter

The deed of trust is a document provided by your original mortgage lender to secure its interest in your property by placing it into a trust. Because the deed of trust serves as evidence of debt, is ...Read More

What Is a Residential Mortgage Credit Report?
What Is a Residential Mortgage Credit Report?

When you want to buy or refinance a home, lenders request a residential mortgage credit report, or RMCR, which differs from a typical report. When you apply for a personal or auto loan, the lender ...Read More

How to Manually Calculate a Mortgage
How to Manually Calculate a Mortgage

Manually calculating a mortgage allows you to see how all of the variables work together. To figure a mortgage by hand, you’ll need to know the mortgage term, interest rate and how much you’re ...Read More

What Are the Benefits of an Accelerated Mortgage?
What Are the Benefits of an Accelerated Mortgage?

An accelerated mortgage is usually achieved by splitting the usual monthly mortgage amount in half and sending payment to the lender every other week, although some people choose to break the monthly ...Read More

How Many Names Can Be on a Mortgage?
How Many Names Can Be on a Mortgage?

Generally a mortgage is in one or two names, but sometimes having three or more buyers makes sense, such as group purchases of vacation homes or situations where a co-signer is needed. There is no ...Read More

Should I Use a Mortgage Broker to Refinance?
Should I Use a Mortgage Broker to Refinance?

A mortgage broker is a licensed professional who negotiates loan agreements between borrowers and lenders. You can use a broker to obtain a purchase mortgage or a refinancing. You can often get ...Read More

Do You Need to Pay Off All Credit Cards Before Applying for a Mortgage?
Do You Need to Pay Off All Credit Cards Before Applying for a Mortgage?

When you apply for a mortgage, you usually don't need to pay off all of your credit cards. However, it's normally better to have less debt than more debt. This can be especially true if you're ...Read More

What Is a Prorated Mortgage on a Pay-Off Statement?
What Is a Prorated Mortgage on a Pay-Off Statement?

When you terminate your mortgage for any reason before the end of the term of the loan, you or your closing attorney will receive a payoff statement. That payoff statement will show the total payoff ...Read More

Tax Implications of Paying Off a Mortgage Early
Tax Implications of Paying Off a Mortgage Early

Generally, a debt-free life is one to strive for -- except when the debt is a mortgage loan, especially one with a penalty for early payoff. The U.S. tax code allows for certain taxpayers who take ...Read More

Definition of 'Trustee' in Real Estate
Definition of 'Trustee' in Real Estate

A trustee in real estate isn't the same as a person acting for and managing a living trust. Some states, such as California, use a deed of trust to ensure payment of home loans instead of a mortgage. ...Read More

When Is a Broker Mortgage Loan Origination Agreement Required?
When Is a Broker Mortgage Loan Origination Agreement Required?

When buying a home, most people do not pay in cash. Instead, they finance the bulk of the property purchase with a mortgage. They may choose to go directly to a bank or mortgage lender for a mortgage ...Read More

VA Mortgage Loan Guidelines
VA Mortgage Loan Guidelines

One of the ad-hoc benefits U.S. military personnel have access to are mortgage loans provided by the Department of Veterans Affairs, called VA loans for short. These loans have slightly relaxed ...Read More