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An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
Modifying your mortgage simply revises the terms of your mortgage contract. It doesn’t impact your ability to refinance a mortgage in the future. “You can refinance after a loan modification ...
If your mortgage company pays your insurance from an escrow account, you may need to call your mortgage lender to understand why it did not send a payment. It could be that your lender did not ...
The promissory note ( or mortgage note) is the legal contract you sign with your lender, in which you promise to repay the debt you took on with interest and agree the home is collateral for the debt.
A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien.
An example of a balloon payment mortgage is the seven-year Fannie Mae Balloon, which features monthly payments based on a thirty-year amortization. [5] In the United States, the amount of the balloon payment must be stated in the contract if Truth-in-Lending provisions apply to the loan. [1] [6] Most commonly, term lengths are five or seven ...
Your monthly mortgage statement contains a comprehensive overview of your loan and the progress you’re making in paying it off. But if you’re curious about what a mortgage statement looks like ...
A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original mortgage lender. [ 1 ]