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4. Pay your mortgage by phone. Making a mortgage payment over the phone is another option, especially if you forgot to mail in your payment before the due date or have not set up a payment process ...
Loan modification: Best for borrowers facing a permanent hardship or loss of income. Repayment plan: Best for borrowers who were behind but can now resume regular payments plus missed installments ...
USDA loan modification: With a USDA loan, you can modify your mortgage with an extended term of up to 40 years, reduce the interest rate and receive a “mortgage recovery advance,” a one-time ...
The Government National Mortgage Association ( GNMA ), or Ginnie Mae, is a government-owned corporation of the United States Federal Government within the Department of Housing and Urban Development (HUD). [1] It was founded in 1968 and works to expand affordable housing by guaranteeing housing loans ( mortgages) thereby lowering financing ...
The Loan Guaranty Program provides assistance to Veterans, certain spouses, and service members to enable them to buy and retain homes. Assistance is provided through VA's partial guaranty of loans made by private lenders in lieu of the substantial down payment and private mortgage insurance required in conventional mortgage transactions.
Mortgage servicer. A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original ...
Loan servicing is the process by which a company (mortgage bank, servicing firm, etc.) collects interest, principal, and escrow payments from a borrower. In the United States, the vast majority of mortgages are backed by the government or government-sponsored entities (GSEs) through purchase by Fannie Mae, Freddie Mac, or Ginnie Mae (which purchases loans insured by the Federal Housing ...
A mortgage point could cost 1% of your mortgage amount, which means about $5,000 on a $500,000 home loan, with each point lowering your interest rate by about 0.25%, depending on your lender and loan.