Sentences with phrase «by the primary borrower»

In the event of a default by the primary borrower, you will be held responsible to satisfy the loan.

On the subject of cosigned private student loans, the most likely cause of a cosigner's damaged credit score is a late payment by the primary borrower.

Not exact matches

3 Primary mortgage rates are the rates paid by conforming borrowers; MBS yields are the rates received by investors.

The important thing for borrowers to understand is that the guidelines used by Freddie and Fannie also affect borrowers in the primary mortgage market.

A cosigner takes on just as much responsibility for repaying the student loan as the primary borrower does, and is equally affected by any missed payments.

Accordingly, cosigners are treated by lenders and servicers the same as the primary borrower, and can even be sued if the borrower defaults on the loan.

The important thing for borrowers to understand is that the guidelines used by Freddie and Fannie also affect borrowers in the primary mortgage market.

Reverse mortgages do not require monthly payments and do not become due until the last borrower no longer occupies the home as their primary residence or fails to meet the loan obligations.5 Retirees may be able to improve their monthly cash flow and live a more comfortable lifestyle, by using a reverse mortgage to pay off their home or simply access their home equity to supplement their retirement income.

Before a borrower refinances student loans, they should first make sure they'll achieve their primary goal by doing so.

Subject property must still be the borrower's primary residence Loan must have been fully documented, underwritten and originated in compliance with RD instruction 1980 - D, supplemented by published Administrative Notices.

• Must be a Freddie Mac property or conventional loan that was acquired by Freddie Mac on or before May 31, 2009 • Loan must result in borrower having a reduced interest rate or reduced payment • Property must be a primary residence, 2nd home, condo, or 1 - 4 unit investment property

Primary Mortgage Insurance is essentially to protect the lenders against defaults by the borrower.

Adjustable rate mortgages are not recommended to be used by a borrower for a residential home loan (primary residence use).

The underwriting of primary residence income allows borrowers to obtain a lower rate than they would by using rental income on investment properties, Better Mortgage noted in a separate press release.

And many student loans require a co-signer in order for the loan to be approved, which means if something happens to the primary borrower, the co-signer may suddenly be pursued for the student loan by a debt collector.

If the primary borrower does not pay, you may find yourself contacted by debt collectors, or part of a debt collection lawsuit.

3) The debt was collateralized by the borrower's primary residence.

Loans that can not be refinanced into this loan are (1) private student loans for which the student applicant is not the primary borrower, (2) Federal student loans and (3) student loans made by an educational institution.

Many lenders do offer cosigner release programs, however, where the primary borrower can have the cosigner released from the loan by making a certain number of on - time payments after graduation.

A cosigner is taking a significant risk in agreeing to sign a student loan, as his or her credit score will be negatively impacted by a missed or late payment, and because he or she will become responsible for the debt if the primary borrower goes into default.

Usually, a guarantor has a right to sue the primary borrower for a reimbursement of any amount paid by the guarantor on the loan (which is called indemnification), although this right is usually pretty useless because usually a guarantor ends up having to pay the loan only if the primary borrower doesn't have an ability to pay.

A primary residence is defined by the Department of Housing and Urban Development, or HUD, the federal agency which oversees the FHA, as being the place where the borrower lives for the majority of the year.

the existing mortgage must be owned by Fannie Mae or Freddie Mac for the primary residence of the borrower of record (investment properties are prohibited)

It helps homebuyers qualify for a loan by combining income from primary borrowers with money earned by other members of the household.

Reverse mortgages do not require monthly payments and do not become due until the last borrower no longer occupies the home as their primary residence or fails to meet the loan obligations.5 Retirees may be able to improve their monthly cash flow and live a more comfortable lifestyle, by using a reverse mortgage to pay off their home or simply access their home equity to supplement their retirement income.