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FAQ on Mortgage Basics

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Sam Site Admin Joined: 21 May 2005 Posts: 207 Location: CALIFORNIA 94.64 Dollars($)	Posted: Fri Jul 22, 2005 11:35 pm    Post subject: FAQ on Mortgage Basics A basic knowledge of mortgage can no doubt help you to apply for a loan. But you can be preoccupied with a number of questions on issues related to mortgage. We provide you with such questions with solutions so that you can move ahead with the mortgage deal. What is a 5% Down Payment Programme? 5% Down Payment program refers to that financing program which permits a borrower to ... Are loans and mortgages calculated using simple interest? It is industry practice to calculate loans and mortgages amortization schedule using compound... Are reverse mortgages safe? Reverse mortgages are quite safe, as these allow you to remain as the owner of your property... Can I change my application after I have submitted it? Yes, you can make changes in your application till the closing date. But the number of changes you... Can I use foreign currency to pay a mortgage on a U.S property? No, you cannot use foreign currency to pay on a US property. You need to convert your currency to... How do I know which loan program will benefit me the most? In deciding which loan program will benefit you the most you need to consider the following... How do people use the money received from a reverse mortgage? The way the money is used depends very much on the way the money is received.This money acts... How is owner financing useful? Owner financing or carry back loan is useful because It is a good source of income and helps to sell the property... How to know which lender is in good standing? The lender is the individual or firm with whom interaction is necessary if your intention is to get a... Is there any cost to apply? In most cases you need to pay these, A nominal application fee for documentation... Should I consider a Convertible Mortgage? Convertible Mortgage gives you the flexibility to use the mortgage according to your financial... Should I worry about security when I apply online? Yes, it is security and privacy issues which make you hesitate from applying on-line. Especially... What are the conditions of cash availability from reverse mortgage? The amount of cash available from a reverse mortgage depends upon your... What are the rates for reverse mortgage? The interest rates are set by the Federal Court. The formula for the rate calculation is formalized.... Who is eligible for a reverse mortgage? Reverse mortgages are available under the following criteria. The borrower must be the owner of the... Will my monthly payment always be the same? If you have locked in for a fixed rate mortgage your mortgage payments will not change over your... Who is who in the housing business? Real Estate Agent/Broker is a state-licensed agent who assists the clients in arranging funds or negotiating... What is a 5% Down Payment Programme? 5% Down Payment program refers to that financing program which permits a borrower to make... What is a 72 Hour Clause? The 72 hour clause is a written contract, inserted into a real estate purchase. It entitles the buyer... What is a Bill Of Sale? Bill Of Sale is a written agreement by which one person sells, assigns or transfers to another... What is an Assumption Clause? Assumption Clause is a clause in an assumable mortgage that allows a buyer to take over the... What is Habendum Clause ? What is the extent of title or ownership that is transferred to a person by a property deed or... What is National Foundation for Consumer Credit (NFCC)? National Foundation for Consumer Credit (NFCC) is the nation's largest and longest serving... What is Real Estate Mortgage Investment Conduit (REMIC)? Real Estate Mortgage Investment Conduit (REMIC) is an investment grade mortgage bond that... What is Title? Title is a legal written evidence of a person's lawful ownership rights to real property. The evidence... When is Private Mortgage Insurance required? When the loan amount is more than 80% of the home's value, private mortgage insurance is...

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