Failure to pay property taxes, when due can lead the serious consequences. Its interest property liens even lead to foreclosure. Most lenders require monthly mortgage payments to include an escrow for 1/12 of the annual property taxes. Read Also: What Is a Reverse Mortgage? If your taxes aren’t a part of your monthly payment, make sureContinue reading “What Happens When Real Estate Taxes Remain Unpaid”
Tag Archives: mortgage
What Is a Reverse Mortgage?
A reverse mortgage is a type of loan available to homeowners age 62 years are older. It’s called a reverse mortgage because the lender makes payments to the borrower with a reverse mortgage seniors can convert the equity in their homes into cash. The product was created to help people with limited income use theContinue reading “What Is a Reverse Mortgage?”
Tips For First-time Homebuyers
Deciding to purchase your first home is exciting, but you probably also have lots of questions. Here are some tips for first-time homebuyers. Start by checking your credit score. Good credit is one of the most important factors to qualify for a loan these days. Before you start looking at houses, you’ll want to knowContinue reading “Tips For First-time Homebuyers”
What Is the Mortgage Underwriting Process?
Underwriting is a process lenders used to assess risk before agreeing to approve a loan. The underwriting process verifies that the borrower’s property and the documentation all meet the lender’s requirements for the requested mortgage. A lender’s underwriter will typically verify the borrower’s income and check their credit score with the major credit bureaus. TheContinue reading “What Is the Mortgage Underwriting Process?”
