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Convert to a fixed-rate mortgage from an adjustable rate: The interest rate on an adjustable-rate mortgage moves up and down. If it goes up, your monthly payments might no longer fit into your budget.
Loss mitigation. Loss mitigation[ 1] is used to describe a third party helping a homeowner, a division within a bank that mitigates the loss of the bank, or a firm that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure.
It created the Federal Housing Administration (FHA) [3] and the Federal Savings and Loan Insurance Corporation (FSLIC). [4] The Act was designed to stop the tide of bank foreclosures on family homes during the Great Depression. Both the FHA and the FSLIC worked to create the backbone of the mortgage and home building industries, until the 1980s ...
The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for reverse mortgages and ...
Initial mortgage approval, often known as preapproval, is an early stage where the lender provides an estimate of what you may qualify for, based on a preliminary review of your income and credit ...
Types of first-time homebuyer programs. Low-down payment conventional loans: Conventional loan programs that require just 3 percent down. Down payment assistance (DPA) programs: Loans, grants and ...
August 10, 1965 – The Housing and Urban Development Act of 1965 instituted several major expansions in federal housing programs. September 1965 – HUD is created as a cabinet-level agency by the Department of Housing and Urban Development Act. April 1968 – The Fair Housing Act is passed to ban discrimination in housing.
Mortgage protection insurance is an insurance policy that pays off the remainder of your mortgage if you pass away or if you become disabled and can’t work. In that way, it functions similarly ...