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The note documents the promise you made to your mortgage lender to pay back the loan. It includes details about the home as well as the terms of the loan, including repayment. Deed
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
Mortgage insurance became tax-deductible in 2007 in the US. [3] For some homeowners, the new law made it cheaper to get mortgage insurance than to get a 'piggyback' loan. The MI tax deductibility provision passed in 2006 provides for an itemized deduction for the cost of private mortgage insurance for homeowners earning up to $109,000 annually. [3]
While you can discard monthly mortgage statements, it's important to keep all mortgage documents, such as the promissory note, deed of trust and proof of title insurance, for the life of the loan.
Typically, this is required on loans that have LTV's that exceed 80%. The cost of the mortgage insurance is passed on to the borrower as an added expense to their monthly payment, but some banks allow what is called lender paid insurance, where the interest rate is higher in exchange for the lender paying the mortgage insurance. All government ...
Key takeaways. Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial ...
The loan processor then orders services and coordinates loan documents. Underwriting: determining if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable, and includes verification, appraisal, title search and insurance, flood certification, and surveying.
Loan statements from the past 60 days – auto loans, credit cards, personal loans, student loans and others Credit reports and scores, retrieved by the lender with your authorization