Millions of mortgage borrowers had difficulty making their loan payments during the COVID-19 pandemic. A new Consumer Financial Protection Bureau report explores borrowers’ experiences, finding that many mortgage borrowers had trouble getting the help they needed from their mortgage servicers.
Consumer Financial Protection Bureau’s Post
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Fact 2: Reverse Mortgage Borrowers Have Fewer Complaints. Reverse mortgage complaints to the Consumer Financial Protection Bureau (CFPB) were less than 1% of 32,000 mortgage–related complaints received in 2021. Of the complaints against various mortgage loans, 65% were against traditional mortgages. The remaining complaints were against other home types of loans like VA, home equity, and line of credit.
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Mortgage Broker - NMLS#212566 Expertise in Loans for Purchase and Refinance FNMA/FHMC/FHA/VA/Renovation & Outside-the-Box Financing
Reverse mortgages are highly regulated products with strict government requirements that safeguard borrowers. This includes required counseling sessions that ensure the borrower understands the loan they are getting and their obligations. The most common reverse mortgage loan, the home equity conversion mortgage, is insured by the Federal Housing Administration (FHA), and all reverse mortgages, including proprietary products, are non-recourse. This ensures that a borrower and/or heirs will never have to pay back the lender more than the home’s value, even if the final debt is greater than what the home is worth Didier Malagies nmls212566 DDA Mortgage nmls324329 #reversemortgage #retirementplanning #seniorliving
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With a VA Loan you can enjoy fixed interest rates as low as those of Fannie Mae conforming programs, ensuring stability and predictability in your mortgage payments. Learn more about VA Loans here ⬇️ https://bit.ly/3OZra8K
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Did you know your mortgage payment influenced by these 4 factors? Amount Owing: The more you borrow, the higher your required payment will be. Interest Rate: A higher interest rate means more interest paid on the mortgage loan during the term of the mortgage. Payment Frequency: Paying more frequently reduces the amount owed as any extra payments beyond your loan payment amount goes directly to your principal borrowed, reducing the interest paid and amortization period
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Did you know your mortgage payment influenced by these 4 factors? Amount Owing: The more you borrow, the higher your required payment will be. Interest Rate: A higher interest rate means more interest paid on the mortgage loan during the term of the mortgage. Payment Frequency: Paying more frequently reduces the amount owed as any extra payments beyond your loan payment amount goes directly to your principal borrowed, reducing the interest paid and amortization period
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Did you know your mortgage payment influenced by these 4 factors? Amount Owing: The more you borrow, the higher your required payment will be. Interest Rate: A higher interest rate means more interest paid on the mortgage loan during the term of the mortgage. Payment Frequency: Paying more frequently reduces the amount owed as any extra payments beyond your loan payment amount goes directly to your principal borrowed, reducing the interest paid and amortization period
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Did you know your mortgage payment influenced by these 4 factors? Amount Owing: The more you borrow, the higher your required payment will be. Interest Rate: A higher interest rate means more interest paid on the mortgage loan during the term of the mortgage. Payment Frequency: Paying more frequently reduces the amount owed as any extra payments beyond your loan payment amount goes directly to your principal borrowed, reducing the interest paid and amortization period
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Will multiple mortgage loan applications hurt my credit score? Yes, they can! 📉 Each application triggers a hard inquiry on your credit report, which can temporarily lower your score. To minimize the impact, try to shop around for rates within a focused timeframe. You can also ask the 2nd mortgage company to use the same credit score within a certain number of days. Consult with a mortgage professional to learn more about navigating the mortgage application process while protecting your credit score. 🏠💳 #CreditScore #MortgageApplications #FinancialAdvice #HomeBuyingTips #realtorinheels
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Wondering how much money you need for a down payment? The reality is, there’s a wide range of loan programs available. Some require as little as 0% down, such as VA and USDA loans. There are even programs that use a second mortgage behind a first mortgage to reduce the down payment requirement. No matter your savings, talking to a mortgage broker early can clarify your goals and needs. It might be less than you expect! Get clear answers to all your mortgage questions: https://lnkd.in/dRbD5PGb #DownPayment #HomeBuying #MortgageTips #RealEstate #MortgageCS
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Did you know that your credit score has a significant impact on the interest rate you'll pay on your mortgage? It's true! Lenders use your credit score as a key factor in determining your mortgage rate – the higher your score, the lower your rate, and vice versa. By aiming for a higher credit score, you can qualify for lower interest rates, which can lead to substantial savings over the life of your loan. For instance, even a one-point difference in your credit score could result in thousands of dollars saved in interest payments over the term of your mortgage. So, make boosting your credit score a top priority and watch as your financial goals become a reality. #InterestRates #CreditGoal
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