A balloon mortgage can appear as an attractive, low-cost entry into homeownership, but it carries a unique set of financial risks that borrowers must ...
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In the journey to homeownership, securing a mortgage is a pivotal step that can feel complex and overwhelming. The experience, however, is profoundly ...
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Experiencing a financial hardship that threatens your ability to make your mortgage payment is a deeply stressful situation. Whether due to job loss, ...
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In the complex landscape of home financing, the concept of mortgage points offers a strategic tool for long-term savings. Essentially, mortgage points...
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The journey to homeownership is deeply intertwined with the world of high finance, and at the center of it all sits the Federal Reserve. While a commo...
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When embarking on the journey of homeownership, most prospective buyers focus intently on the mortgage itself—the interest rate, the monthly payment...
Read MoreYour primary point of contact is your mortgage servicer, whose contact information is on your monthly mortgage statement. If you are unable to resolve an issue with them (for example, a dispute over a shortage calculation), you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state’s banking or financial regulator.
A lender’s reputation is a powerful indicator of the experience you are likely to have. It reflects their history of customer service, reliability, and ethical practices. A lender with a strong, positive reputation is more likely to offer transparent terms, clear communication, and a smooth, predictable closing process, which is critical for one of the largest financial transactions of your life.
A lender with a large number of reviews provides a more reliable and statistically significant picture of their performance. A lender with very few reviews can be harder to vet. In this case, you should rely more heavily on personal recommendations, your own interactions with their staff, and their professional credentials.
You have several options to check your score without paying:
Your Credit Card Statement: Many credit card companies now provide a free FICO® or VantageScore® as a cardholder benefit.
Your Bank or Credit Union: Online banking portals often offer free credit score access to their customers.
Non-Profit Credit Counselors: HUD-approved agencies can help you access your reports and scores.
Free Online Services: Websites like Credit Karma or Credit Sesame provide free VantageScores, which are good for monitoring but note that most lenders use FICO® for mortgages.
Your loan officer will receive a formal list of conditions from the underwriter and will contact you immediately, typically via email or phone. They will explain each item clearly and tell you exactly what is needed and how to provide it.
