All Articles (page 10)
Frequently Asked Questions
Straight answers to the questions we hear most.
You should contact your loan officer immediately to discuss any discrepancies or information that seems incorrect. It is crucial to address errors early, as the Loan Estimate forms the basis for the final Closing Disclosure you’ll receive before settlement.
While technically possible up until the moment you sign, it becomes extremely risky and impractical very close to the closing date. Switching with less than two weeks until closing is generally considered too late, as it will almost certainly delay the sale and jeopardize the entire transaction.
While rare, servicer errors can occur. If you receive a late notice or cancellation warning from your tax authority or insurance company, contact your mortgage servicer immediately. They are responsible for making timely payments from your escrow funds. Keep all documentation and follow up in writing. The servicer is typically required to pay any late fees incurred due to their error.
A recast directly changes your amortization schedule. After the lump-sum payment is applied, the lender creates a brand-new schedule that spreads the remaining principal balance (plus interest) evenly over the remaining loan term. This results in a lower portion of each future payment going toward interest and a higher portion going toward principal than in your original schedule at the same point in time.
It’s crucial to know that APR often excludes:
Appraisal and home inspection fees
Title insurance and escrow fees
Prepaid items like property taxes and homeowner’s insurance
Credit report fees
Appraisal and home inspection fees
Title insurance and escrow fees
Prepaid items like property taxes and homeowner’s insurance
Credit report fees
Get weekly rate updates and mortgage tips
Are you interested in learning more about mortgage brokers in your area? Tell us a bit about yourself and we'll point you in the right direction — no spam, unsubscribe anytime.