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mortgage loan pre-approval - California CA: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

How are surpluses and shortages handled? If your escrow analysis reflects a surplus over $50.00, a check for the surplus will be sent to you along with your escrow analysis. If the surplus is less than $50.00, this amount will be divided by twelve and used to reduce your monthly escrow payment. If your escrow analysis reflects a shortage, we collect the shortage over the next twelve months by adding one-twelfth of the shortage amount to your monthly mortgage payment. If you prefer, you may pay the shortage in full, and we will adjust your monthly payment amount accordingly.

With a reverse mortgage, the payment stream is reversed. That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender, as occurs with a regular home purchase mortgage.

Private Mortgage Insurance also enables mortgage companies to grant loans that would otherwise be considered too risky to be purchased by third party investors like the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). The ability to sell loans to these investors is critical to maintaining mortgage market liquidity, which in turn, allows mortgage companies to continue originating new loans.

Also, consider the following advice from the U.S. Department of Housing and Urban Development when applying for a loan: Be sure to read and understand everything before you sign. Refuse to sign any blank documents. Do not buy property for someone else. Do not overstate your income. Do not overstate how long you have been employed. Do not overstate your assets. Accurately report your debts. Do not change your income tax returns for any reason. Tell the whole truth about gifts. Do not list fake co-borrowers on your loan application. Be truthful about your credit problems, past and present. Be honest about your intention to occupy the house. Do not provide false supporting documents.

What is mortgage insurance?

Is a Closing Cash Saver loan for me? Closing Cash Saver loan is designed to provide you with a rebate to cover your non-recurring closing costs. While these loans are most commonly associated with refinances, they can also apply to purchases. Closing Cash Saver loans will generally have a higher interest rate than loans in which you pay closing costs out of pocket. Consequently they are a good option for borrowers that plan to keep their mortgage for less than five years.

Understand the difference between an equity loan and a credit line Equity loans are closed: You get all your money up front, then make payments on that fixed loan amount until the loan is paid. Equity credit lines are open: You can get an initial advance against the line, then reuse the line as often as you want during the period the line is open.