Acceleration clauses are conditions set forth by the lender, allowing them to demand the balance of the loan immediately. There are a few different types of acceleration clauses borrowers should familiarize themselves with before signing any mortgage documentation.
Mortgage points are offered by lenders and are added into the closing costs of a loan. A mortgage point equals one percent of the total mortgage balance. Depending on the loan, you may have the option of buying a few mortgage points. While you can almost always buy them if you want to, it is not always in your best interest to do so.
Blind loan modification is a relatively new term that has popped up in the area of bank lending. Blind loan modification is a way that banks make an alternate offer to you on your preexisting mortgage with them. These offers may include a different interest rate, different monthly payment, and different terms. While they are becoming more popular, they are not always the best route to take. Here are three reasons to avoid blind loan modification.
The Home Affordable Modification program is meant to help homeowners who are having difficulty making their mortgage payments and are at risk of going into foreclosure. To qualify for assistance under the program home owners must be able to provide proof that they are facing hardship or that they are unable/struggling to make current mortgage...
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