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It’s simple: You want to own a home. But we know the finances can be much more complicated than that. From adjustable rate mortgages to home equity lines of credit, ask CFPB your questions about mortgages. Find a question by searching, or by browsing this complete list. Select topics on the side to narrow your results.
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A reverse mortgage is a special type of loan that allows homeowners 62 and older to borrow against the equity in their homes. It is called “reverse” because you receive money from the lender, instead of making payments to the ...
If anyone tells you to stop making mortgage loan payments, they may be trying to scam you. Not making your mortgage loan payments could hurt your credit score and limit your options. Report individuals giving you this advice by file ...
Unless the lender denies your application, you should look for these four important documents either at or shortly after application: Good Faith Estimate (GFE) disclosure. Generally, the lender is required to send to you the GFE within three business days ...
Prequalification is a lender’s estimate of how much you could be eligible to borrow based on information you supply. Prequalification does not mean you will get the loan. Prequalifications are usually free. Preapproval usually means that the lender is ready ...
All reverse mortgage loans become due and payable when the last surviving borrower permanently moves out of the home. Typically, a “permanent move” means that neither you nor any other co-borrower has lived in your home for one continuous year. ...
Depending on your financial situation and needs, there may be other types of loans that make more sense for you. These include second mortgage loans, which may have lower fees – but you will need to be able to make ...
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and pay off your debt. Your payoff amount is different from your current balance, which is the amount you owe ...
One “point” equals one percent of the loan amount. For example, on a $100,000 loan, each point costs you $1,000. What is commonly referred to as a “discount point” in the mortgage industry is a point you pay the lender ...
After you have considered your options and selected a loan, you may want to obtain a written “rate lock” or “lock-in” agreement from the lender or broker. A rate lock or lock-in agreement is a written agreement that guarantees you ...
Your mortgage lender is the financial institution that loaned you the money. Your mortgage servicer handles the day-to-day tasks of managing your loan. Your loan servicer typically processes your loan payments, responds to borrower inquiries, keeps track of principal and ...
