Many a refinancing homeowners is unpleasantly surprised to find that he or she is getting “impounded” by a new mortgage company. What does “impounded” mean? They aren’t being towed; they aren’t being locked up–just what is being done to these borrowers? Continue reading ‘What Is a Mortgage Impound Account and Do You Have to Have One?’
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Loading ...In May 2009, a little-known law snuck in like a thief and clobbered a lot of homeowners over their unsuspecting heads. This is referred to as the Home Valuation Code of Conduct or HVCC. It’s intent was to make sure that the appraisal you got on your property was accurate–not inflated to help a favorite Realtor or lender close a deal, or to get additional business from anyone who stood to make money on your mortgage or home purchase. But often the road to Hell is paved with good intentions. Continue reading ‘Refinancing May Get a Lot Easier Very Soon’
(6 votes, average: 4.83 out of 5) Loading ...What does it mean when a lender claims he or she is “absorbing your mortgage costs”? Or what about an advertisement offering “No Cost” mortgages? Of course, there are costs associated with getting a home loan–a lot of costs. And the lender has to disclose them to you on a form called a Good Faith Estimate (GFE). So, when a lender claims it is absorbing your costs or “giving” you a “no-cost” loan, you will see a bunch of fees on your GFE. Then, the form shows all these fees being reversed or designated “paid by lender.” Continue reading ‘In Mortgage, Sometimes There Is a Free Lunch’
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Gina Pogol writes for an online media company about mortgage and finance. In addition to a decade in mortgage lending, she formerly consulted for Experian and other credit bureaus, and worked as a tax accountant for Deloitte. She has a BS in Financial Management from the University of Nevada.
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