It’s simple: You want to own a home. But we know the finances can be much more complicated than that. From adjustable rate mortgages to home equity lines of credit, ask CFPB your questions about mortgages. Find a question by searching, or by browsing this complete list. Select topics on the side to narrow your results.
Your lender has to disclose your final interest rate again only if it changes. After you applied for a mortgage, you should receive a Good Faith Estimate (GFE) that indicated the interest rate the GFE was based on. If you locked your ...
Carefully review all documents that you receive at or before the closing to make sure that the terms of your mortgage have not changed. For example, compare the closing cost items listed on your Good Faith Estimate (GFE) to those ...
You do not have to sign anything unless you are satisfied with the terms. You should never sign anything if you do not understand the terms or if you cannot pay back the loan.If you are borrowing money to buy ...
You can usually cancel private mortgage insurance (PMI) when you have paid down your mortgage to 80 percent of the original purchase price or appraised value of your home when you obtained your loan, whichever is less. You also need ...
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and pay off your debt. Your payoff amount is different from your current balance, which is the amount you owe ...
You can send a QWR to ask for information regarding the servicing of your loan or to dispute errors about your loan account for first mortgages, but not for second mortgages or lines of credit. You should try to resolve ...
Most reverse mortgages today are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. The HECM program offers several product options. Loan type. Borrowers have a choice between two types of loans: A ...
Depending on your financial situation and needs, there may be other types of loans that make more sense for you. These include second mortgage loans, which may have lower fees – but you will need to be able to make ...
Many lenders reserve the right to reduce the amount you can borrow from your HELOC or to suspend your ability to borrow any more money from it if:The value of your home goes down significantlyThe lender reasonably believes you may ...
There are steps you can take: Call your servicer. Depending on your situation, your servicer may be able to modify the terms of your loan or provide other forms of relief. Talk to a HUD-approved housing counselor. A U.S. Department ...