Q&A
Asked by Tony
Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD
Hi Tony: Great question! Most of the world pays their mortgage every month, i.e., 12 payments. However if you split that into a payment every 2 weeks, you get 26 "h...
Q&A
Asked by Scherrylain
Answered by Ted Rood PRO+
Mortgage Professional in Maryland Heights, MO
I'd recommend doing the home equity line for two reasons: the cost will be far less than obtaining a purchase loan for that small of amount, and you'll essentially be...
Q&A
Asked by Martha
Answered by Kim Miller PRO+
CFP® in Redmond, WA
Yes, many banks will SLIGHTLY reduce the interest rate on a loan if you set up an escrow account with them for taxes and insurance. Good luck!
Q&A
Asked by Michael
Answered by Ted Rood PRO+
Mortgage Professional in Maryland Heights, MO
Michael covered most of the pertinent areas already, but I'd like to add a couple of major "disadvantages". If your spouse's credit scores are lower than yours, the l...
Q&A
Asked by Brady
Answered by Brian Howell
Mortgage Professional in Castle Rock, CO
No Brady it usually isn't. I would recommend sending two separate checks for $1000-1250 about a week apart. That way you're paid ahead. I'm in sales too so this is ...
Q&A
Asked by Tony
Answered by Ted Rood PRO+
Mortgage Professional in Maryland Heights, MO
The answer to your question depends on many factors, Tony. How much equity do you have? What will you use the funds for? How likely are you to use the cash to pay d...
Q&A
Asked by Gina
Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD
Gina: The answer you received from Nic is correct. Another term you may hear is "underwater" which means the same thing. Note that although someone may be "upside d...
Q&A
Asked by Joseph
Answered by Nic Netherton
Mortgage Professional in Fort Collins, CO
Private mortgage insurance is generally charged with conventional mortgages, mortgage insurance (MI) is charged on government loans (FHA).
Q&A
Asked by Lynn
Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD
Lynn, That's a bit of a loaded question, but an essential one for someone in your situation. It really depends on your lifestyle, retirement plans, assets, and of c...
Q&A
Asked by Gina
Answered by Ted Rood PRO+
Mortgage Professional in Maryland Heights, MO
Mortgages are considered late after the 15 day grace period, and late charges are typically accessed then. Some lenders will also mark the mortgage as "delinquent" on...
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