Questions & Answers

• What are the benefits of a no-point mortgage?
• When is mortgage insurance required?
• How much does mortgage insurance cost?
• Can my parents co-sign for my mortgage so I don't have to put anything down?
• What is a pledge account mortgage?
• What is a hybrid mortgage?
• What is an annual-level mortgage insurance plan?
• Does a monthly private mortgage insurance plan cost more?
• What is the best way to avoid private mortgage insurance (PMI)?
• Do lenders require private mortgage insurance on 80-10-10 financing?
• Do portfolio lenders require private mortgage insurance?
• How can I find out the rules for when my lender will drop private mortgage insurance?
• What kind of mortgage gives the best tax break?
• Is private mortgage insurance deductible?
• Can I pay more on my mortgage to increase equity?
• How does a biweekly mortgage plan work?
• How can I avoid private mortgage insurance?
• Can I deduct my entire mortgage payment?
• Why do lenders require private mortgage insurance on some home loans?
• How can you avoid private mortgage insurance on a home loan?
• How should I evaluate an adjustable-rate mortgage?
• How much lower is an adjustable-rate mortgage compared to a fixed-rate loan?
• How are adjustable-rate mortgages indexed?
• What gives me the best protection from rising rates on an adjustable-rate mortgage?
• What are "teaser" rates on adjustable-rate mortgages?
• Are "teaser" rates a bad idea with adjustable-rate mortgages?
• Do some adjustable-rate mortgages only permit annual adjustments?
• I am moving soon. What is the best consideration for refinancing with an adjustable-rate mortgage?
• I am staying put. What is the best consideration for refinancing with an adjustable-rate mortgage?
• How do I balance lower rates with shorter adjustments in an adjustable-rate mortgage?
• Do adjustable-rate mortgages have prepayment penalties?
• How can we avoid paying private mortgage insurance once we have 20 percent equity?
• Do I need private mortgage insurance for an 80-10-10 loan?
• Does private mortgage insurance require additional approval when applying for a loan?
• What is the lowest adjustable-rate mortgage index?
• What is my first decision when applying for a mortgage?
• Would assuming an old adjustable-rate mortgage make sense?
• How often are adjustable-rate mortgages with payment caps re-amortized?
• How can I avoid negative amortization on an adjustable-rate mortgage?
• Is pro-rated mortgage interest deductible?
• What is a buy-down mortgage?
• What is the term of a buy-down mortgage?
• Isn’t an adjustable-rate mortgage better than a buy-down loan?
• Is it better to get a fixed- or adjustable-rate mortgage when interest rates are headed down?
• Is it better to get a fixed- or adjustable-rate mortgage when interest rates are rising?
• Who regulates mortgage loan brokers?
• Are mortgages available that will lend more than the sales price of the home to pay for remodeling?
• Is it better to pay off a mortgage in 15 or 30 years?
• How much lower is the interest rate on a 15-year mortgage?
• Does it take more income to qualify for a 15-year mortgage?
• Is it more difficult to get a mortgage when you are self-employed?
• Can I qualify for a bigger mortgage if I change from an adjustable loan to a fixed-rate mortgage?
• Does mortgage insurance take into account the size of loan I can qualify for?
• Can I talk my lender into giving me a bigger mortgage?
• I am retiring soon. What is the best mortgage for me?
• How can I avoid mortgage-approval problems?
• How can I find out if the federal mortgage credit certificate program is available in my community?
• What is the best adjustable-rate mortgage index?
• Does it make sense to shop for a mortgage broker?
• What are the pros and cons of getting an adjustable-rate mortgage?
• What formula do lenders use for determining a monthly mortgage, principal and interest?
• Do I need a mortgage broker to get the best loan rate?
• A mortgage broker wants to charge me a $60 credit report fee. Is this excessive?
• Can I get a no-down-payment mortgage?
• How does the 203(K) home-improvement mortgage program work?
• Why do lenders require private mortgage insurance?
• Should I pay points to buy down the rate on an adjustable mortgage?
• Does the index or the margin move on an adjustable-rate mortgage?
• How does inflation factor into a decision about an adjustable-rate mortgage?
• What is the deciding factor in selecting an adjustable-rate mortgage?
• Where do I get the details about my adjustable-rate mortgage?
• Does the annual percentage rate assume that the adjustable-rate mortgage will reach its cap?
• Is the annual percentage rate the only factor I should worry about with an adjustable-rate mortgage?
• Is it more difficult to qualify for a 30-year fixed-rate loan or an adjustable-rate mortgage?
• Can I pay interest only on an adjustable-rate mortgage?
• What does a mortgage broker do for me?
• How are mortgage brokers paid?
• Do mortgage brokers receive preferred status from lenders?
• Can a mortgage broker help me get approved?
• What is a margin on an adjustable-rate mortgage?
• How can I save money on the loan without going with an adjustable-rate mortgage?
• Do I get a Truth-in-Lending statement from my mortgage broker and my lender?
• What is better, a buy-down or an adjustable-rate mortgage?
• Do all mortgage brokers do low-down-payment government loans?
• Do lenders use the maximum interest rate on an adjustable-rate mortgage to qualify borrowers?
• Are adjustable-rate mortgages risky?
• Are construction loans different from regular mortgages?
• Will a title search show that the seller is overburdened with mortgages?
• Should I refinance to trade in my adjustable-rate mortgage for a fixed-rate loan?
• Do adjustable-rate mortgages that feature periodic interest rate caps also have payment caps?
• Are adjustable-rate mortgages with payment caps the same as "payment-option loans"?
• Is there a limit to how much my monthly mortgage payment can increase?
• What do I call the adjustment schedule on my adjustable-rate mortgage?
• When should my lender promise to make mortgage funds available?
• Is compound interest just the interest I pay on the original principal balance of my mortgage?
• Can I convert my construction loan into a traditional mortgage after construction is complete?
• Are there mortgages associated with cooperative residential projects?
• Can I get a mortgage from my credit union?
• If I make my monthly payments on time, am I safe from defaulting on my mortgage?
• Do I have time to catch up if I fall behind on my mortgage payments?
• How much can I borrow on a second mortgage?
• What is a second mortgage?
• What is the difference between a home equity loan and a second mortgage?
• Is the interest on a second mortgage deductible?
• Does seller financing constitute a second mortgage?
• How long are most second mortgages?
• Is my current lender more likely to give me a second mortgage than a new lender?
• Is the interest rate higher on a second mortgage than on a first?
• Can I apply for either a fixed-rate or an adjustable-rate second mortgage?
• Does a second mortgage require a new appraisal?
• Does a second mortgage require a new credit check?
• Do I pay points on a second mortgage?
• What are the closing costs on a second mortgage?
• How long does it take to close a second mortgage?
• Should I refinance or get a second mortgage?
• What is a 125 percent loan-to-value second mortgage?
• How risky is a 125 percent loan-to-value second mortgage?
• Do second mortgages require private mortgage insurance?
• Does it cost more to refinance or to get a second mortgage?
• If I have a growing-equity mortgage, where do the extra funds go?
• Is anyone else involved in my guarantee mortgage besides the lender and me?
• Can I set aside a portion of my monthly mortgage payment for hazard insurance?
• Do lenders add a margin to arrive at the final interest rate on an adjustable mortgage?
• Are mortgage rates affected by inflation?
• Does the "start" rate quoted by lenders on a loan stay in effect for the term of the mortgage?
• Are limits placed on the amount charged to the monthly payment of an adjustable-rate mortgage?
• Is there a cap on how much a loan rate can increase during the term of the mortgage?
• How many years will I have to pay my mortgage?
• Do lenders get a "retail markup" on adjustable-rate mortgages?
• Can I get a two-step mortgage?
• How does a wraparound mortgage work?
• Does a rehabilitation mortgage require a special deposit account?
• What is a reverse mortgage?
• Do second mortgages carry liens against the property?
• How does the secondary mortgage market affect my loan?
• Who prepares the mortgage note in a seller carry-back situation?
• Should I consider a share-appreciation mortgage?
• Does a no-documentation loan only apply to mortgages with large down payments?
• Is a mortgage a legal document?
• Does a mortgage banker actually lend money?
• Can a mortgage broker match me with loans?
• Do all loans require mortgage insurance?
• How much interest can I write off from my mortgage?
• Can I buy mortgage insurance?
• What constitutes a multifamily mortgage?
• How many monthly payments are made with a biweekly mortgage?
• Can I get a blanket mortgage for two properties?
• Can a lender force a mortgage to be paid off?
• When are assumable mortgages most attractive?
• Do all loans have mortgage assumption clauses?
• Will I receive an annual mortgage statement for tax purposes?
• Will any conventional lender approve a mortgage without first requiring a loan application?
• How much lower are the rates on adjustable-rate mortgages?
• Will I be required to pay an assumption fee with an assumable mortgage?
• What does Fannie Mae do with its mortgages?
• As a farmer, where can I get mortgage credit?
• Does a first mortgage have priority over other voluntary liens?
• Will the interest rate on my mortgage change?
• What is a graduated-payment mortgage?
• Can adjustable-rate mortgages with payment caps lead to negative equity?
• What do I need to know about the mortgage of a cooperative project?
• Do all mortgage brokers process FHA, VA and other special loans?
• Does a bankruptcy automatically preclude me from getting a mortgage?