What should you do if you start having a hard time paying for your mortgage select all that apply?
Is my mortgage late if I pay it on the 15th?
So, even though your mortgage payments are technically due on the first of each month, you can pay as late as the 15th of each month without any type of penalty.
Does it matter if I pay…
Can a home equity loan can be risky because the lender can foreclose if you don’t make your…
In which scenario do most homeowners use the equity?
Home Improvement The most commonly cited way to use a home equity loan is to put that money towards home repair or improvements, whether they are necessary, such as replacing a leaky…
What is the difference between a note and a loan?
Do banks accept promissory notes?
Since promissory notes are legal and enforceable, banks generally accept them as they know they can get their money back if you default on the loan. In order for your promissory note to be legal, you…
What document itemizes closing costs?
Which part of a closing disclosure details the total amount of all payments on the loan the dollar amount of the finance charges over the life of the loan?
The Finance Charge tells you the total amount of interest and loan fees you…
What is the difference between a note and a mortgage?
A mortgage note is a legal document that sets out all the terms of the mortgage between a borrower and his lender. Includes terms such as: The total amount of the home loan. The amount of the down payment. Whether monthly or bi-monthly…
Which of these is the best way to prevent foreclosure?
Is reinstatement an alternative to foreclosure?
Mortgage repossession provides an opportunity to avoid foreclosure. Instead, you can catch up on your payments and cover any late mortgage repayment fees by paying the total amount that…
What is a note in a mortgage?
Who owns the house in a mortgage?
While your home is the collateral for your mortgage, as long as the terms of that mortgage are met you, as the borrower, own your home.
Can you choose who owns your mortgage? No, borrowers do not…
What are the steps of the closing process in the right order?
What is the purpose of the closing process in accounting?
Understanding Closing Entries The purpose of closing entries is to reset the temporary account balances to zero on the general ledger, the record-keeping system for a company's…
Why do lenders sell mortgages?
How much does a mortgage company make on a loan?
For each deal they arrange, they usually receive a payment equivalent to 1% to 2% of the loan amount from both the borrower and the lender.
How much does a lender make a loan? That's…
What to do when a promissory note is paid off?
What is true about a promissory note?
A promissory note is a debt instrument that contains a written promise by one party (the issuer or maker of the note) to pay another party (the payee of the note) a definite sum of money, either on…