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A mortgage statement is a document containing the latest details about your loan, including your monthly payment. The law requires your mortgage lender or servicer to send you statements for each ...
A charge-off or chargeoff is a declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors make this declaration at the point of six months without payment. A charge-off is a form of write-off .
Keep your mortgage documents and related home sale records for at least seven years after selling your home. This includes proof of mortgage payoff , the closing statement and receipts for capital ...
When you pay off your mortgage, your lender will provide you with paperwork to show you have paid off your home loan in full. You must collect all the necessary paperwork, and in some cases ...
Mortgage underwriting is the process a lender uses to determine if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable. Most of the risks and terms that underwriters consider fall under the three C's of underwriting: credit, capacity and collateral . To help the underwriter assess the quality of ...
Adjustable-rate mortgage. A variable-rate mortgage, adjustable-rate mortgage ( ARM ), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [ 1] The loan may be offered at the lender's standard variable rate ...
4. Pay your mortgage by phone. Making a mortgage payment over the phone is another option, especially if you forgot to mail in your payment before the due date or have not set up a payment process ...
The debt service coverage ratio ( DSCR ), also known as "debt coverage ratio" (DCR), is a financial metric used to assess an entity's ability to generate enough cash to cover its debt service obligations, such as interest, principal, and lease payments. The DSCR is calculated by dividing the operating income by the total amount of debt service due.