FAQ's to be dealt with while managing a mortgage

Getting a mortgage and maintaining it becomes easier if you have a basic concept of the terms associated with mortgage. But there may be several doubts and queries while you start off with the deal. We provide you with some frequently asked questions that will help you carry out the deal effectively.

• Can my monthly payment amount change?
  The monthly payments may change for both fixed rate as well as adjustable rate mortgages ...
  
  
• How do I pay down my mortgage faster?
  Borrowers often intend to pay off their mortgage much before the loan period ends ...
  
  
• What can I do if I am having problem paying my loan?
  There are different options available, if you are having problem in paying the loan, which are as,...
  
  
• How are heirs affected by reverse mortgage?
  Before you select a reverse mortgage, you should think again for your heirs. They need to be...
  
  
• Is mortgage liability removed if I deed property-interest?
  When you deed your interest in the property to your spouse or someone else, you will still ...
  
  
• Am I liable for Mortgage Payments after Divorce?
  A court action cannot change the contracts between individuals unless they have committed ...
  
  
• What if I want to change insurance companies?
  Insurance companies can be changed at any time, but the procedure will depend on the ...
  
  
• What if the mortgage is in foreclosure and the borrower wants to continue the mortgage?
  The borrower can continue the mortgage even if the mortgage is in foreclosure at any time, up to...
  
  
• When is the monthly payment considered late?
  The due date of the monthly payment is shown in the loan documents and on the payment...
  
  
• Why is the APR on TIL disclosure higher than mortgage rate?
  The Annual Percentage Rate (APR) represents the cost of a mortgage loan expressed as a yearly rate of interest. The...
  
  
• What to do if i cannot pay my mortgage?
  First, don't worry at all. Keep a cool head and analyze your options. You have more options to choose from than you thought....
  
  
• When do people have to pay reverse mortgages back?
  Reverse mortgages usually don't require any monthly payments towards its repayment. A...
  
  
• Why would a buyer take up an assumable mortgage?
  The interest rates are inching upwards everyday. This will help the buyer to acquire a cheap loan,...