This disclaimer (“Disclaimer”) sets forth the general guidelines, disclosures, and terms of your use of the MortgageCast.com website (“Website” or “Service”) and any of its related products and services (collectively, “Services”). This Disclaimer is a legally binding agreement between you (“User”, “you” or “your”) and MortgageCast.com (“MortgageCast.com”, “we”, “us” or “our”). If you are entering into this Policy on behalf of a business or other legal entity, you represent that you have the authority to bind such entity to this Policy, in which case the terms “User”, “you” or “your” shall refer to such entity. If you do not have such authority, or if you do not agree with the terms of this Policy, you must not accept this Policy and may not access and use the Website and Services. By accessing and using the Website and Services, you acknowledge that you have read, understood, and agree to be bound by the terms of this Disclaimer. You acknowledge that this Disclaimer is a contract between you and MortgageCast.com, even though it is electronic and is not physically signed by you, and it governs your use of the Website and Services.The first step is to contact a mortgage lender or your current loan servicer. They will review your financial situation, including your credit score, income, debt-to-income ratio, and the amount of equity you have. They can then pre-qualify you and explain the best options for your specific goals and financial profile.
Mortgage forbearance is a temporary agreement between you and your mortgage lender or servicer that allows you to pause or reduce your mortgage payments for a specific period. It is not loan forgiveness; it is designed to provide short-term relief if you are facing a financial hardship, with a plan to make up the missed payments later.
Private Mortgage Insurance (PMI) is a fee that protects the lender if you default on your loan. It is typically required on conventional loans when your down payment is less than 20%. This adds an extra cost to your monthly payment until you build at least 20% equity in the home.
A mortgage rate lock is a lender’s guarantee that your agreed-upon interest rate and points will be honored for a specified period, typically between 30 and 60 days, protecting you from market fluctuations while your loan is being processed. Be sure to ask about the lock’s expiration date and if it can be extended.
A BPO, or Broker’s Price Opinion, is a less expensive alternative to a full appraisal that an agent or broker performs to estimate your home’s value. Some lenders may allow a BPO instead of an appraisal when you request PMI removal based on increased value.
