This Cookies Policy explains what Cookies are and how We use them. You should read this policy so You can understand what type of cookies We use, or the information We collect using Cookies and how that information is used. Cookies do not typically contain any information that personally identifies a user, but personal information that we store about You may be linked to the information stored in and obtained from Cookies. For further information on how We use, store and keep your personal data secure, see our Privacy Policy.We do not store sensitive personal information, such as mailing addresses, account passwords, etc. in the Cookies We use.Most lenders prefer a debt-to-income ratio of 43% or lower, though some government-backed loans may allow for a higher DTI. Your DTI is calculated by dividing your total monthly debt payments (including your new mortgage) by your gross monthly income. A lower DTI demonstrates a stronger ability to manage monthly payments.
Yes, a lender can deny a forbearance request if you do not demonstrate a valid financial hardship, if you do not provide required documentation, or if you do not have sufficient equity in the home. If denied, you should immediately discuss other loss mitigation options your servicer may offer.
A Mortgage Aggregator is a company that provides back-office support, licensing, and accreditation services to a network of individual Mortgage Brokers or smaller broking firms. Think of them as the “umbrella” organisation that brokers operate under. They do not deal directly with the public but are crucial to the broker ecosystem.
Do NOT cancel your automatic payments with your old servicer immediately.
Your final payment to the old servicer should cover the month leading up to the transfer date.
You must set up a new automatic payment (or one-time payment) with the new servicer for all payments due after the transfer effective date.
With a Home Equity Loan, you begin repaying the entire principal and interest immediately with fixed monthly payments over a set term (e.g., 10, 15, or 20 years). A HELOC has two phases: a “draw period” where you make interest-only (or small principal) payments, followed by a “repayment period” where you can no longer draw funds and must pay back the remaining balance.
