Tag Archives: Financial services

What is a participation Mortgage?

  A particiation mortgage relates to two different types of mortgages. 1- A mortgage in which two or more lenders participate in making the loan.  The participation agreement between the lenders may provide that each participating lender owns a pro … Continue reading

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What Is A Mortgage Loan Recast?

A Mortgage Loan Recast- refers to a change in the mortgage principal or a change in the length of the time left on the mortgage. A loan recast occurs when a substantial principal payment is made.  The lender recasts the … Continue reading

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What Is PMI And How Do You Get Rid OF IT

PMI- Private Mortgage Insurance- A form of insurance coverage required in high loan-to-value ratio conventional loans to protect the lender in case the borrower defaults in the loan payment. Basically if you are putting down less than 20% of the … Continue reading

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What does it mean when you are told that your loan package is in underwriting?

The underwriter  is responsible for reviewing the loan documentation and evaluating the borrower’s ability and willingness to repay the loan and the propery valuation When you are ready to buy a home in Brooklyn feel free to contact me .  … Continue reading

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