An interest-only mortgage is a type of home loan that offers a distinct, and often alluring, payment structure. For a set period, typically the first ...
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The journey to homeownership is filled with critical decisions, and one of the most nerve-wracking questions that can arise late in the process is whe...
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The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
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The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read MoreThe old servicer is required to provide a complete history of your loan to the new servicer. This includes your payment history, escrow balance (if you have one), and any special arrangements. It’s a good practice to keep your own records for the first few months to verify everything is correct.
Yes, it is possible, but your options will be different. Government-backed loans like FHA loans are available to borrowers with credit scores as low as 580 (and sometimes 500 with a larger down payment). However, you will likely pay a significantly higher interest rate and may be required to pay additional fees, such as FHA Mortgage Insurance, for the life of the loan.
The best source for official information is the Internal Revenue Service (IRS). Key resources include:
IRS Publication 936, Home Mortgage Interest Deduction: This publication provides comprehensive rules and examples.
IRS Form 1098: The form your lender sends you detailing your deductible interest.
Schedule A (Form 1040), Itemized Deductions: The form you use to claim the deduction.
It is more challenging, but not impossible. Some lenders specialize in loans for borrowers with poor credit. However, you should expect significantly higher interest rates and fees, which may negate the financial benefits of consolidation. It’s crucial to explore all other options and work on improving your credit first.
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.
