Mortgage Management - MoneyTips

Should I Lock My Mortgage Rate Today?

Andrew Paniello — Wed, 22 Feb 2023 16:03:37 +0000

If you’re considering applying for a mortgage, there are several factors you’ll need to keep in mind. In addition to your mortgage term, closing costs, and other variables, you’ll also need to be mindful of your prospective mortgage rate. Naturally, this leads future homeowners to ask a lot of questions, such as: When I applied...

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How To Avoid Foreclosures: A Homeowner’s Guide

Matthew Jones — Thu, 27 Oct 2022 17:58:10 +0000

Every year, thousands of Americans face the frightening prospect of losing their homes to foreclosure. And many homeowners enter the foreclosure process not knowing what steps they can take to avoid the stressful scenario. Use our guide to help you stay in your home. You’ll better understand foreclosures and how they work and – most...

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What Is Loss Mitigation and How Does It Work?

Jonathan Pressman — Mon, 01 Aug 2022 16:03:06 +0000

Sometimes, life brings unexpected surprises that make it difficult or impossible to keep up with your mortgage payments. If that happens, a lender can foreclose on your property. Foreclosures are rarely the desired outcome for borrowers or lenders; they usually end up being costly and inconvenient for everyone involved. That’s exactly why loss mitigation exists....

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Mortgage Subordination, Explained

Josh Richner — Wed, 20 Jul 2022 15:10:37 +0000

If tapping into your home’s equity is in your future, so is a whole lot of paperwork. And whether you’re taking out a home equity loan or a home equity line of credit (HELOC) (both are types of second mortgages or junior liens), you may be presented with a subordination agreement to sign at closing....

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Deed Of Reconveyance: Everything You Need to Know

Andrew Paniello — Fri, 08 Jul 2022 17:29:04 +0000

When you have a mortgage, you are not the owner of your home – at least, not yet. Until the property has been paid off in full, a portion of your home is owned by the mortgage lender. Eventually, if you keep making your monthly mortgage payments, you’ll own your home in full. This process...

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Lien vs. Encumbrance: What’s the Difference?

MoneyTips Writer — Thu, 07 Jul 2022 20:14:18 +0000

Oddly enough, owning a home does not give you complete control over it. There may be a variety of limits or claims on your property rights, including liens and encumbrances. Liens and encumbrances are different – and understanding these differences will help shed light on the broader topic of titles and other legal matters around...

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Deficiency Judgment: What Is It and How Does It Work?

Jonathan Pressman — Wed, 22 Jun 2022 20:28:52 +0000

As a homeowner, you don’t plan on having to deal with foreclosure – and hopefully, you won’t ever have to. You can help prevent foreclosure by making your payments on time and communicating with your lender, but sometimes life hits unexpectedly hard, making it difficult or impossible to pay your mortgage. A single late payment...

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What Is a Curtailment on a Mortgage?

Rachel Rose — Wed, 15 Jun 2022 15:25:38 +0000

If you spend any time around homeowners, you’ll probably hear at least one of them talk about making an extra mortgage (or principal) payment to pay off their mortgage faster. This process is sometimes called mortgage curtailment or a principal reduction (although most people don’t use that term in casual conversation). It’s a common strategy,...

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Can You Deduct Mortgage Interest on a Second Home?

Josh Richner — Mon, 13 Jun 2022 16:28:23 +0000

The mortgage interest deduction is a popular tax break that allows homeowners to write off the home loan interest they pay each year. But what about considering the deduction for a second home? What qualifies for the mortgage interest deduction? And more importantly, can you deduct mortgage interest on a second home? The short answer...

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What Are Mortgage Servicing Rights?

Andrew Paniello — Wed, 08 Jun 2022 14:05:04 +0000

Mortgages can last for 10, 15 or 30 years. Naturally, this creates ongoing responsibilities for both the borrower and the lender. If a mortgage is active, it will need to be continually serviced, and the process often contains a lot of moving parts. While one mortgage lender will want to manage your mortgage loan for...

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What Are Underwater Mortgages?

MoneyTips Writer — Thu, 02 Jun 2022 20:22:39 +0000

When it comes to owning a home, some surprises aren’t as welcome as others. If you just found out that your outstanding mortgage balance is more than your home is worth, you have what’s known as an underwater mortgage, also known as an upside-down mortgage. If you have an upside-down mortgage, don’t panic. You have...

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What Is an Encumbrance and How Does It Work?

Andrew Paniello — Thu, 02 Jun 2022 19:23:00 +0000

If you’ve never been to a closing, it pretty much looks like this: You sign a bunch of paperwork, pay your closing costs and get a mortgage. Then the moment you’ve been hotly anticipating arrives, and you finally get the keys to your new home from your real estate agent. Once you’ve cemented your status...

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