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What is an escrow shortage? All escrow accounts have a minimum required balance , which equals your expected tax and insurance expenses plus some extra money in case your bills go up – this is called a cushion. If your escrow account balance is e...
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Last Updated: 08/08/2023
in Homeowners Get a New Loan What is a mortgage assumption? To keep it simple, this means an existing property title or ownership and mortgage obligation is transferred from one borrower to another as part of a property sale. When a mortgage is assumed, its remaining balance, ...
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Last Updated: 08/08/2023
in Homeowners Get a New Loan What are the reasons to refinance? The most common reason is to get a lower interest rate, resulting in lower monthly payments and possibly a shorter loan term. Other reasons to refinance include switching loan types, eliminating private mortgage...
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Last Updated: 08/07/2023
in In-Depth FAQs
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Last Updated: 08/07/2023
in In-Depth FAQs
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Last Updated: 08/03/2023
in Homeowners Newly Closed Loans Your browser does not support HTML5 video. ...
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Will the terms of my loan or interest rate change? No. Rest assured, a servicing transfer will not affect the terms of your loan. This includes your interest rate. Will my loan number change? Whether your loan is transferring to or from us, y...
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Who do I contact with questions about my escrow expenses? Taxes: Your local tax assessor’s office. Insurance premiums: Your insurance company. Your escrow payments and expenses: Reach out to us. We'll be happy to help! Please see our...
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Last Updated: 08/02/2023
in Homebuyers
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Last Updated: 08/02/2023
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...