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.This is precisely what title insurance is for. If a covered title defect emerges after you close—for example, a previously unknown heir claims ownership—you would file a claim with your title insurance company. They would then handle the legal defense and cover any financial losses up to the policy’s limit, protecting you from a devastating financial burden.
Mortgage points, also called discount points, are fees you pay the lender at closing in exchange for a reduced interest rate. This is often called “buying down the rate.“ One point typically costs 1% of your loan amount and may lower your interest rate by 0.25%.
Ideally, start 6-12 months before you plan to buy. This gives you time to improve your credit score, save for a down payment and closing costs, reduce your debt, and stabilize your employment history without feeling rushed.
The primary difference is the lien position and the associated risk:
First Mortgage: Primary loan, first lien position. Lowest risk for the lender.
Second Mortgage: Secondary loan (e.g., home equity loan or HELOC), second lien position. Higher risk than the first.
Third Mortgage: Tertiary loan, third lien position. Highest risk for the lender, which results in higher interest rates and stricter qualifying criteria.
You cannot remove accurate negative information that is still within its reporting time limit. However, you can and should dispute any information that is:
Inaccurate: The account isn’t yours, or the reported late payment is wrong.
Outdated: The item is being reported past the 7-year (or 10-year) time limit.
Incomplete: The information is missing key details.
You can file a dispute for free directly with the credit bureaus online.
