Mortgage Resource Guide

What Is a Mortgage? What Type of Loan Should I Get for My Home? What Are the Different Types of Mortgage Loans? What Is the Process of Applying for a Mortgage? What Is the Difference Between a Housing Loan and a Mortgage Loan? What Is the Difference Between Government-Insured Loans and Conventional Loans? What Is a Down Payment? How Much Down Payment Will I Need to Provide? Are There Any Mortgage Loans with No Down Payment? What Is an Escrow Account? What Is Home Equity? What Is the Difference Between a Loan and a Mortgage? How Do Mortgages Work? Where Can I Get a Mortgage? What Should I Look for in a Mortgage? Should I Pay My Mortgage Early? What Is the Average Mortgage Length? What Are the Advantages of a 15-Year Mortgage over a 30-Year Mortgage? What Are the Advantages of a 30-Year Mortgage over a 15-Year Mortgage? What Is a Fannie Mae or Freddie Mac Loan? What Is the Difference Between a Legal and an Equitable Mortgage? What Are the Requirements of a Fannie Mae or Freddie Mac Loan? What Are Fannie Mae and Freddie Mac? What Is the Difference Between Fannie Mae and Freddie Mac? What Is the Purpose of Fannie Mae and Freddie Mac? Can I Buy a Home Directly from Fannie Mae? What Is a Jumbo Loan or a Super Jumbo Loan? What Is a Reverse Mortgage? What Is the Difference Between a Registered Mortgage and an Equitable Mortgage? How Does a Lender Evaluate Properties? Should I Lock in My Interest Rate? What Is Included in Lender Fees (Origination Fees)? What Should My Credit Score Be to Get Approved by a Lender? What Are the Advantages of Taking Out a Loan from Private Lenders? What Are the Disadvantages of Taking Out a Loan from Private Lenders? What Documentation Do I Need Before Applying for a Mortgage? What Does It Mean to Be Pre-Approved for a Mortgage? How Do I Get Pre-Approved for a Mortgage Home Loan? What Does the Mortgage Approval Process Look Like? What Is Loan Servicing? Which Servicing Companies Are Considered to Be the Best? What Happens After I Get the Loan? What Happens if My Mortgage Is Sold to a New Owner and the Mortgage Servicer Changes? What Does Loan Servicing Include? What Are the Parties Involved in the Loan Servicing Process? What Type of Entities Are Mortgage Servicing Companies? Is There Any Difference Between a Bank and a Non-Bank Mortgage Servicer? What Are the Differences Between a Mortgage Lender and a Mortgage Servicer? How Do Mortgage Servicers Make Money? What Is a Small Servicer and Why Does It Matter? How Is the Quality of Mortgage Servicing Overall? What Does It Mean to Refinance a Mortgage? How Does My Credit Score Affect Refinancing? Is Refinancing Available for FHA, VA, Jumbo, or USDA Loans? How Much Equity Do I Need to Have Before Refinancing? How Do I Refinance My Mortgage? How Do I Know If I Am Eligible to Refinance My Mortgage? What Are Some of the Benefits of Refinancing? When Should I Refinance My Mortgage? What Are the Disadvantages of Mortgage Refinancing through a Third-Party Mortgage Broker? Will Refinancing Lower My PMI? What Are the Costs and Fees of Refinancing? Should I Refinance If I Only Plan on Living in My Home for a Few More Years? What Does It Mean to Default on a Mortgage Loan? Is Paying Off My Mortgage Always the Best Financial Decision? Is It Better to Pay Off a Mortgage as Soon as Possible? What Happens If I Default on My Loan? Is It Possible to Make Late Payments on a Mortgage? What Is a HUD-Approved Housing Counselor? Where Can I Find My Delinquency or Loan Default Information? What Are the Consequences If I Default on My Mortgage? What Is a Strategic Default? How Do I Strategically Default on My Mortgage? How Do I Get out of a Mortgage? What Happened In 2008? What Caused the 2008 Mortgage Crisis? What Was the Timeline of the 2008 Mortgage Crisis? What Was the Primary Cause of Home Prices Dropping in 2008? What Are Subprime Mortgages? Did Fannie Mae and Freddie Mac Cause the 2008 Mortgage Crisis? What Sort of Tax Benefits Are Available to Homeowners? How Do I Calculate the Amount of My Mortgage Credit Certificate? Can I Deduct My Mortgage Interest? What Other Aspects of My Mortgage Can I Deduct? Is There a Limit to Mortgage Tax Deductions? What Types of Loans are Eligible for a Deduction? How Do I Calculate the Mortgage Tax Deduction? How Did Tax Reform Change the Mortgage Interest Deduction? What Is a Mortgage Credit Certificate? How Can I Qualify for a Mortgage Credit Certificate? What Are Some of the Benefits of Investing in Mortgages? Can I Make Money from Other People's Mortgages? What Is Fractional Ownership? What Is a Derivative? What Does It Mean to Bundle Mortgages? What Is Leveraging? How Can I Leverage Other People's Money to Buy More Properties? What Are the Risks of Investing in Mortgages? What Are Tranches? What Is a VA Loan? Can I Use an FHA Loan to Purchase a Rental Property? What Is an FHA Section 203(k) Loan? What Are the Requirements of an FHA Section 203(k) Loan? What Is the HomePath Ready Buyer Program? What Is an Energy-Efficient Mortgage? How Do I Qualify for an Energy-Efficient Mortgage? What Is a Good Neighbor Next Door Loan? What Are the Requirements of the Good Neighbor Next Door Program? What Is a HARP Loan? What Are the Requirements of a HARP Loan? What Are the Requirements of a VA Loan? Can I Use a VA Loan to Purchase a Rental Property? How Long Until My VA Loan Closes? What Is a USDA Loan? What Are the Requirements of a USDA Loan? What Is an FHA Loan? What Are the Requirements of an FHA Loan? How Long Do I Need to Live on the Property If I Get an FHA Loan? How Do I Qualify for a Mortgage? What Is the Minimum Credit Score Required? Do I Need a Good Credit Rating to Get a Mortgage? How Can I Get a Mortgage with a Bad Credit Score? How Do I Qualify for a Mortgage If I Am Self-Employed? How Does Your Salary Impact the Amount You Can Borrow for a Mortgage? What Is Debt-to-Income Ratio? What Were the Effects of the 2008 Mortgage Crisis? How Did the United States Recover from the 2008 Mortgage Crisis? What Choices Did Homeowners Have to Get Out of the Mortgage Crisis? What Is a Mortgage Broker? Can a Mortgage Broker Offer FHA, VA, or USDA Loans? Are Mortgage Brokers Connected to the Financial Crisis? Can a Mortgage Broker Offer Jumbo Loans? What Are the Limitations of Using a Mortgage Broker? Will Using a Mortgage Broker Save Me Money? How Can I Find a Mortgage Broker? Do I Communicate with the Lender While Using a Mortgage Broker? What Will a Mortgage Broker Need from Me? Who Pays the Mortgage Broker? How Do Mortgage Brokers Find and Select Mortgage Loans? How Should I Prepare Before Meeting with a Mortgage Broker? What Are Some Questions I Should Ask a Potential Mortgage Broker? What Happens If My Loan Is Declined When I Use a Mortgage Broker? What Is Included in a Mortgage Application? How Long Do Mortgage Applications Typically Take to Complete? Can I Submit Multiple Applications? Does Applying for Multiple Mortgages Affect My Credit? What Are Some Benefits of Shopping for a Mortgage? Can I Qualify for a Mortgage with No Credit History? What Can I Do If My Application for a Mortgage Is Denied? What Is a Mortgage-Backed Security (MBS)? What Are the Advantages of Investing in MBS? Should I Invest in an MBS Fund Instead of Individual Mortgage-Backed Securities? How Are Mortgage-Backed Securities Different from Other Fixed Income Securities? What Are Residential Mortgage-Backed Securities (RMBS)? What Are Some Examples of Mortgage-Backed Securities? How Are Mortgage-Backed Securities Hedged? What Are Collateralized Debt Obligations (CDOs)? What Is the Difference between Collateralized Debt Obligations (CDOs) and Mortgage-Backed Securities (MBS)? What Is Predatory Mortgage Servicing? What Are the Specific Formal Requirements for Periodic Statements? What Are Coupon Books and When Can They Replace Periodic Statements? When Are Servicers Allowed to Stop Providing Periodic Statements or Coupon Books? How Are Periodic Statements Delivered? What Is the Rule on Interest Rate Adjustment Notices? When Should I Receive an Interest Rate Adjustment Notice? What Information Must Be Included in the Initial and Ongoing Interest Rate Adjustment Notices? What Is the Prompt Payment Crediting Rule for Servicing Companies? What Are the Prompt Payment Crediting and Payoff Statement Rules for Servicers? Can the Loan Servicer Refuse to Provide You with a Payoff Balance Statement within 7 Days? Can I Choose My Mortgage Servicing Company? Are There Any Rules Regarding Written Communication with Servicing Companies? Are Servicers Allowed to Charge a Borrower for Force-Placed Insurance Coverage? What Are the General Rules Regarding Servicing Policies, Procedures, and Requirements? Are There Any Special Rules for Servicers When Dealing with Delinquent Borrowers? What Is the "Successors in Interest Rule" for Servicing Companies? How Should I Inform Servicers When I Become a Successor in Interest? Am I Liable for the Loan Once Confirmed as a Successor in Interest? Can I Change My Mortgage Servicing Company? Can I Turn to a Government Agency to Complain Against a Mortgage Servicing Company? Are There Any Federal Laws Protecting Me from Mortgage Servicers? What Are the Mortgage Servicing Rules Issued by the Consumer Financial Protection Bureau? What Is the Periodic Statement Rule for Mortgage Servicers? Are There Any Exceptions to the Periodic Statement Rule? How Many Periodic Statements Am I Entitled to Receive? What Is the Mortgage Tax? How Can I Calculate the Mortgage Tax? What Is a Home Equity Line of Credit (HELOC)? How Much Does a HELOC Lower My Interest Rate? Should I Choose a HELOC or a Home Equity Loan? How Does a HELOC Work? What Are the Benefits of a HELOC? What Are the Drawbacks of a HELOC? What Are the Most Common Reasons to Use a HELOC? How Much Can You Borrow Using a HELOC? What Are the Requirements to Take Out a HELOC? How Is My HELOC Rate Calculated? Should I Use a HELOC to Lower My Debt Payments? What Is Foreclosure? What Are the Alternatives to a Foreclosure? What Are Fannie Mae Foreclosures? How Do You Buy a Fannie Mae Foreclosure? How Can I Prevent My Loan from Going into Foreclosure? What Are the Different Types of Foreclosure? What Are the Steps in a Pre-Foreclosure Procedure? How Many Late Payments Can I Make Before the Bank Starts Foreclosure? What Are the Steps in a Judicial Foreclosure Procedure? What Are the Steps in a Non-Judicial Foreclosure Procedure? What Is Redemption? How Does a Foreclosure Affect My Credit and My Future Options? When Are Monthly Payments Due? Can I Pay More Than What I Owe Each Month? How Much of My Payment Goes Towards the Principal and How Much Goes Toward Interest? Who Holds onto a Mortgage? What Is the Difference Between a Servicer and a Mortgage Holder? How Do I Protect Myself from the Possibility of a Future Mortgage Crisis? Will a Similar Situation to the 2008 Mortgage Crisis Reoccur in the Future? What Are My Options for Lenders? When Should I Use a Direct Lender? What Are Some Reasons to Use a Mortgage Broker Instead of a Direct Lender? Can I Use Both a Mortgage Broker and a Direct Lender? What Are the Differences Between Mortgage Brokers and Loan Officers? How Do I Choose the Best Lender for My Mortgage? Who Are the Best Mortgage Lenders for First-Time Buyers? How Many Mortgage Lenders Should I Talk To? Should I Get a Mortgage from a Bank or a Non-Bank Lender? How Do I Decide Which Mortgage Broker to Use? Can I Still Use a Mortgage Broker If I Have Bad Credit? What Is an FHA Approved Broker? What Is a Direct Lender? What Is a 1031 Exchange? How Do I Complete a 1031 Exchange Application? How Do I Choose a Qualified Intermediary for a 1031 Exchange? What Type of Property Can I Swap in a 1031 Exchange? What Are Some Advantages Provided by a 1031 Exchange? What Is the Timeline for a 1031 Exchange Application? How Can I Use a 1031 Exchange to Stop Managing Property? How Can I Take Advantage of a 1031 Exchange? How Long Do I Have to Complete a 1031 Exchange? What Is "Like-Kind" Property in a 1031 Exchange? What Is the "Boot" in a 1031 exchange? How Do I Fully Defer the Tax on the Sale of My Property through a 1031 Exchange? What Is a Delayed 1031 Exchange? What Is a Reverse 1031 Exchange? Do I Need an Intermediary for a 1031 Exchange? What are REITs? What Kind of REITs Are There? Should I Invest in mREITs? What Are Some of the Benefits and Risks of Investing in REITs? What Is an REO Property? What Are the Advantages of Buying an REO Property? What Are the Disadvantages of Buying an REO Property? Where Can I Find Available REO Property? Who Can Help Me Purchase REO Property? Why Does an REO Property Need an Inspection? Can I Use a Mortgage to Finance an REO Property? How Are Interest Rates Calculated? What Interest Rate Predictions Do Economists Have for the Upcoming Years? What Is the Difference Between Mortgage Interest Rates and APRs? How Long Is My Mortgage Rate Good For? What Is the Difference Between Fixed-Rate and Adjustable-Rate Mortgages? What Are the Advantages of a Fixed-Rate Mortgage? What Are the Disadvantages of a Fixed-Rate Mortgage? What Are the Advantages and Disadvantages of an Adjustable-Rate Mortgage? Which Banks Give You the Best Mortgage Rates? What Are the Interest Rate Trends for 2019? What Is Mortgage Insurance and How Does It Work? Should I Buy Mortgage Insurance? What Is Private Mortgage Insurance (PMI)? Is There a Way to Avoid Private Mortgage Insurance? How Can I Avoid PMI on My First Mortgage? Is There Any Substantial Benefit to PMI? How Do I Calculate Mortgage Insurance? When Is It Right to Have Mortgage Insurance? What Is Included in the Closing Costs? Which Closing Costs Are Negotiable? Does a Mortgage Loan Cover Closing Costs? When Are Closing Costs Due? Who Pays Closing Costs on a House? How Can I Keep My Mortgage's Closing Costs Low?