Sentences with phrase «on an existing mortgage»

It's the cost of your new home minus the down payment if you're buying or the balance on your existing mortgage if refinancing.

The process involves refinancing your home for more than you owe on the existing mortgage.

Blend and extend your mortgage rate — blend the rate on your existing mortgage with the rate of the extended term.

Many home owners, after years of dramatic price reductions, find themselves underwater on their existing mortgage with little incentive to continue making payments.

I don't see any reason why the bank wouldn't go for that, especially if you've got a good payment history on your existing mortgage.

Each time a homeowner makes a repayment on their existing mortgage loan, the balance reduces.

A: You may qualify for a reverse mortgage even if you still owe money on an existing mortgage.

Similarly, if you've only got a few years left on your existing mortgage, you might not save that much in mortgage interest even with the best refinance rates.

This explosive growth is being driven by increases in home values and selling prices, tight inventories of houses for sale, and pay - downs of principal on existing mortgages.

As you work through the application, make sure to gather account statements on your existing mortgage, car loans, student loans, home equity lines of credit and any other debts.

The effects on your existing mortgage after filing bankruptcy are discussed below.

Your mortgage lender will likely require documentation of financial hardship beyond your control to justify accepting a loss on your existing mortgage.

This major initiative would provide these judges with the power to alleviate the amount of principal owned on an existing mortgage.

That can make it an attractive way to pay for big expenses, especially if you can reduce the interest rate on your existing mortgage in the process.

A reverse mortgage can be used to help struggling homeowners stay in their homes by paying off the remaining balance on their existing mortgage.

With cash - out refinancing, you get a new mortgage for more than is owing on your existing mortgage.

As long as the veteran is current on payments on the existing mortgage, eligibility is easy.

Mortgage refinancing is best used when the rates on the existing mortgage are much higher than that of a replacement mortgage.

There are some requirements for getting this mortgage, most notably a good payment history on the existing mortgage and a financial benefit of refinancing the loan.

False: As long as there is sufficient equity in your home, you may be eligible for a reverse mortgage loan, even if you still owe money on your existing mortgage.

Mortgage - X does not grant permissions to post our material on existing mortgage websites or to borrow any of our information (including charts, graphs, tables, articles, calculators, historical data) for creation of new mortgage websites.

Mortgage - X does not grant permissions to post our material on existing mortgage websites or to borrow any of our information (including charts, graphs, tables, articles, calculators, historical data) for creation of new mortgage websites.

Social Security number verification A copy of the deed to the property Information on any existing mortgages and / or liens Counseling certificate

A) Keep your current remaining term on your existing mortgage.

It is envisioned that the primary way homeowners will initially participate in this program is through the servicing lender on their existing mortgage.

Assumption The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller.

Assumable means the buyer of your property can apply to qualify to take on your existing mortgage.

When you refinance, you stretch out what you owe on your existing mortgage over a longer period of years, with lower interest rates.

Might be better served to use that money as prepayment on my existing mortgage.

I don't necessarily think the interest rates is too high since the seller is willing to do terms, but like @Joshua D. stated, I don't see how the numbers would work based on the existing mortgage.

When a buyer purchases property «subject to mortgage», the buyer agrees to assume the remaining debt on an existing mortgage, but the original homeowner remains on the loan and, therefore, remains personally liable for the debt should the buyer default on making the monthly payments.

Sellers sell for many reasons, and most of them do not have much to do with higher prices — relocation, family and financial crises, they owe too much on their existing mortgage, or they need more space or to downsize now no matter what prices are doing.

We offer mortgages for first time buyers, refinancing on existing mortgages, FHA / VA mortgages and home equity loans.

If a borrower has a mortgage rate of 5.75 % on an existing mortgage of $ 250,000, they are making a monthly principal and interest payment of approximately $ 1,459.

If you have a small balance on your existing mortgage and would like to pay it off with the reverse mortgage

But before you can be considered for mortgage refinance under Home Affordable Refinance Program, you need to be able to demonstrate acceptable payment history on the existing mortgage loan.

For example: If you have 10 years left on your existing mortgage and you refinance to a 30 year term, you just added 20 years to time it will take to pay off the loan.

The application process formally begins after counseling, once you provide the lender with your loan application and the signed disclosures as well as required information, including verification of a Social Security number, a copy of the deed to your home, information on any existing mortgage (s), and a signed counseling certificate (signed by both the homeowner and counselor).

Loan modifications typically involve a reduction in the principal balance, the mortgage lender changing the terms on an existing mortgage, the lender granting an extension of the of the terms or otherwise changing the terms without refinancing.

The interest rate on your existing mortgage, then, becomes a key factor whether a cash - out refinance is a better option than a home equity loan.

With the drop in mortgage rates some people are calling their banks to see what options they have to take advantage of the lower rates and save money on their existing mortgage.

Many lenders set the credit limit on a home equity line by taking a percentage (say, 75 percent) of the appraised value of the home and subtracting the balance owed on the existing mortgage.

But, you can pay off your home at closing using the payment from the reverse mortgage.4 You must have enough equity in your home to cover the balance on your existing mortgage and eliminate your monthly mortgage payment.5 Any remaining loan proceeds may be used however you choose.

When subtracting the amount that is still owed on the existing mortgage ($ 250,000) leaves a maximum «cash - out» amount of $ 47,500 (less closing costs).