Subsequent Mortgage Options

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Exploring Your Subsequent Mortgage Options

The journey of homeownership rarely ends with that very first mortgage. As life unfolds and circumstances shift, your initial home loan may no longer ...

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The Hidden Costs of Furnishing and Landscaping for New Homeowners

The journey to homeownership is a monumental financial achievement, yet the initial mortgage payment and down payment are often just the beginning of ...

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How the Federal Reserve Controls Mortgage Rates

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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The Power of Extra Principal Payments: A Shortcut to Mortgage Freedom

The journey of homeownership is often defined by a 30-year timeline, a seemingly fixed path laid out by the terms of a mortgage. However, many homeown...

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Understanding Private Mortgage Insurance: A Homebuyer’s Guide

Private Mortgage Insurance, commonly referred to as PMI, is a crucial financial product that enables millions of Americans to achieve the dream of hom...

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Unlock Your Mortgage Potential: The Power of Recasting Your Loan

In the journey of homeownership, managing a mortgage is a central financial task. While most people are familiar with refinancing, a lesser-known but ...

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FAQ

Frequently Asked Questions

The three primary commission models are: 1. Base Salary + Commission: A lower fixed base salary with a smaller commission rate on funded loan volume. 2. 100% Commission: No base salary; the loan officer earns a higher, pre-negotiated percentage of the loan revenue they generate. 3. Hourly + Bonus: Less common, this involves an hourly wage with bonuses tied to meeting or exceeding loan volume targets.

Common balloon mortgage terms are 5/25, 7/23, or 10/20. The first number is the balloon period in years, and the second is the amortization period. For example, a 7/23 balloon mortgage has monthly payments based on a 23-year amortization, but the full remaining balance is due after 7 years.

If your rate lock expires before your loan closes, you will typically lose the locked rate. You will then be subject to the current market rates at the time of closing, which could be higher. In some cases, you may be able to pay a fee to extend the lock, but this is not guaranteed.

Your budget changes after buying a home because you are now responsible for new, recurring expenses that a landlord or previous owner may have covered. It shifts from estimating potential costs to managing actual, ongoing financial obligations like property taxes, homeowners insurance, and maintenance.

Your 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.