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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.
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A reverse mortgage is a special type of loan that allows homeowners 62 and older to borrow against the equity in their homes. It is called “reverse” because you receive money from the lender, instead of making payments to the ...
If anyone tells you to stop making mortgage loan payments, they may be trying to scam you. Not making your mortgage loan payments could hurt your credit score and limit your options. Report individuals giving you this advice by file ...
A subprime mortgage carries an interest rate higher than the rates of prime mortgages. Prime mortgage interest rates are the rates at which banks and other mortgage lenders may lend money to customers with the best credit histories. Prime mortgages ...
All reverse mortgage loans become due and payable when the last surviving borrower permanently moves out of the home. Typically, a “permanent move” means that neither you nor any other co-borrower has lived in your home for one continuous year. ...
Your mortgage lender is the financial institution that loaned you the money. Your mortgage servicer handles the day-to-day tasks of managing your loan. Your loan servicer typically processes your loan payments, responds to borrower inquiries, keeps track of principal and ...
You can send a written request to your servicer asking for information about the identity of the mortgage loan note holder. The servicer is obligated to provide you, to the best of its knowledge, with the name, address, and telephone ...
The Federal Housing Administration (FHA) administers a program of loan insurance to expand homeownership opportunities. FHA provides mortgage insurance to FHA-approved lenders to protect these lenders against losses if the homeowner defaults on the loan. The cost of the mortgage ...
The Rural Housing Service (RHS) offers mortgage programs that can help low- to moderate-income rural residents purchase, construct, and repair homes. The RHS both lends directly to qualified borrowers and guarantees loans that meet RHS program requirements made by approved ...
One “point” equals one percent of the loan amount. For example, on a $100,000 loan, each point costs you $1,000. What is commonly referred to as a “discount point” in the mortgage industry is a point you pay the lender ...
Generally, closing costs are fees and costs associated with obtaining the mortgage loan. You pay most of these expenses when signing the final loan documents, or when you “close” the deal. Some common closing costs include: Underwriting and/or processing fees ...
