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The mortgage or deed of trust is the agreement between you and your mortgage lender to put the home up as collateral for the loan. “In layman’s terms, it gives the lender the right to ...
This will include the closing disclosure, the mortgage document securing your new home as collateral on the loan, a promissory note serving as your promise to repay the lender and the property ...
The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for reverse mortgages and ...
A closing disclosure is a legally-required, five-page statement of your final mortgage loan terms and closing costs. It contains details about your loan term, monthly payments, fees and other ...
A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note. The lender has the right, but not the obligation, to call the note due in such a circumstance.
4 ways to build your home equity faster. If you don’t have enough equity in your home to qualify for a loan or line of credit, building that equity isn’t going to happen overnight. Still, you ...
Keep your mortgage documents and related home sale records for at least seven years after selling your home. This includes proof of mortgage payoff , the closing statement and receipts for capital ...
To learn how to transfer ownership of a house with a mortgage, you’ll need to talk to your lender and see if your mortgage qualifies for a transfer. Here’s how the process might look: Contact ...