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How can my Form 1098 help with tax deductions? This statement reports the total mortgage interest paid on your loan during the year. Generally, homeowners may be able to deduct mortgage interest from their taxes owed to the IRS. For information...
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What year-end statement should I expect from you? Depending on your account activity last year, you may receive the following IRS Form from us: Form 1098: Reports interest we received on a mortgage. Form 1099-C: Reports when a debt is cancel...
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If you’re interested in recasting your loan, here’s a rundown of the process and what to expect: Contact Customer Care to initiate the recast request, specifying the amount of your principal reduction payment(s). We’ll confirm whether your lo...
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Can I cancel my Mortgage Insurance? If Mortgage Insurance was required for your loan at closing, you might be wondering how long you will need to continue paying this extra expense. The short answer: it depends. Options to remove the mortgage ins...
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Not all loan types are eligible. Under the current government rules, recast is not an option for USDA (RHS), VA and FHA loans. To qualify for a recast, the following must apply: Conventional loan (other types including USDA (RHS), VA, and FHA...
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Created On: 05/04/2023
in Homeowners FAQs In-Depth FAQs
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A recast involves making one or more voluntary payments to reduce your loan principal by $10,000 or more and reamortize your unpaid balance over the remainder of your loan term. In other words, your monthly principal and interest payment will be rec...
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We love making homeowners happy—and what better way than to help you save money throughout the life of your loan? If you want to lower your monthly mortgage payment and have the means to make additional payments toward your loan principal, a mort...
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Created On: 05/04/2023
in Homeowners FAQs In-Depth FAQs
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Created On: 05/04/2023
in Homebuyers How do I know which loan program to choose? Your loan officer will work with you to determine which loan product benefits you. They will review your current finances and future financial goals. Your loan officer will also consider factors like yo...