All Posts Tagged With: "prepayment"
Mortgage Modification or Refinance — What’s The Difference?
Is it better to modify a mortgage or to refinance? While both result in new loan terms, the two choices are very different.
When you refinance a mortgage you replace an existing loan with a new one. There’s no need to negotiate with the old lender because his mortgage claim will be extinguished. However, borrowers with [...]
What Is A Mortgage Modification?
A mortgage is actually a contract between a borrower and a lender. The borrower gets cash up front and the lender gets back the loan amount plus interest over time under terms and conditions established in advance.
There are times though when either the borrower or the lender will seek a mortgage modification, a change in [...]
How To Read The New Good Faith Estimate Forms
Starting January 1, 2010 HUD will require lenders to use a new Good Faith Estimate form or GFE. This is important because whether you buy a mansion or a cottage, you want to know how much your mortgage is going to cost — not just the interest rate but all the fees and charges you’ll [...]
2Nov2009 | Peter G. Miller | 1 comment | Continued
How To End Lethal Prepayment Penalties
The Internet has been humming with a new mortgage debate in Washington: With apologies to Shakespeare, to have prepayment penalties or to ban them, that is the question of the day.
On August 15th and within five minutes of each other, email arrived from the Mortgage Bankers Association and the National Association of Realtors arguing both [...]
4Oct2008 | Peter G. Miller | 0 comments | Continued
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