Bankrate.com provides a FREE mortgage points calculator and other mortgage points calculators to help consumers decide if they should buy points to reduce the interest rate.
A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance. Reverse mortgages allow elders to access the home.
A mortgage deed is a legally binding form that contractually promises a lender can take over a property if the loan for the property’s purchase is not paid. Once the loan is paid in full, the.
A purchase-money mortgage is a mortgage issued to the borrower by the seller of a home as part of the purchase transaction.
A purchase money loan is evidenced by the trust deed or mortgage a homebuyer signs at the time the homebuyer purchases the home. A borrower can obtain a purchase money loan from a bank, a savings and loan, a credit union or a private source of funds, including from the seller who is selling the home.
Purchase money second mortgages are also loans issued to purchase a property. They are typically considerably smaller than a first mortgage and their purpose is to allow you to purchase a property when you do not have sufficient funds for the required down payment. purchase money seconds are usually exempt from deficiency judgments, as well.
The home mortgage disclosure Act (HMDA) was enacted by Congress in 1975 and was implemented by the federal reserve board’s Regulation C. On July 21, 2011, the rule-writing authority of Regulation C was transferred to the consumer financial protection Bureau (CFPB).
As in the case of a traditional mortgage, the property to be purchased is the collateral. The benefits here are obvious: You get to buy a home with less money down.
Fixed Rate Mortgage – is a mortgage where the interest rate and the term of the loan is negotiated and set for the life of the loan. The terms of fixed rate mortgages can range from 10 years to up to 40 years. Good Faith Estimate – an estimate by the lender of the closing costs that are from the mortgage.