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The Mortgage and Real Estate Scoop

How to Protect Your Credit Score from Identity Theft: Essential Tips and Resources

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Introduction

In today’s digital world, safeguarding your personal information is more important than ever. Identity theft is a growing threat that can have severe consequences on your credit score and financial well-being. At Bay Equity Home Loans, we believe every consumer must be their own chief personal information security officer. In this blog post, we’ll discuss effective strategies for protecting your credit score from identity theft.

Why Should You Be Concerned About Identity Theft?

Identity theft can happen to anyone, and the effects can be devastating. Cybercriminals can use your personal information to open new accounts, take out loans, and make unauthorized purchases. This can result in a damaged credit score, increased debt, and a long, challenging recovery process. Being proactive and vigilant is key to preventing identity theft.

Understanding Credit Monitoring Services

What is Credit Monitoring?

Credit monitoring services track your credit reports for changes and potential signs of fraud. These services can alert you to suspicious activity, such as new accounts opened in your name or significant changes to your credit report.

Benefits of Credit Monitoring:

  • Early detection of fraudulent activity
  • Alerts for suspicious changes to your credit report
  • Additional layer of security

Implementing a Security Freeze

What is a Security Freeze?

A security freeze restricts access to your credit report, making it more difficult for identity thieves to open new accounts in your name. When your credit is frozen, creditors cannot access your report without your permission.

How to Implement a Security Freeze:

  1. Contact Each Credit Bureau: Request a security freeze from Experian, TransUnion, Equifax, and Innovis.
  2. Pay the Fee: Some credit bureaus may charge a fee of $5 to $10.
  3. Use a PIN: Each bureau will assign a PIN to access your report. Keep this PIN secure and do not lose it.
  4. Temporary Lifts: If you need to apply for credit, you can temporarily lift the freeze for a specific time period.

Is There a Better Option?

While credit monitoring is helpful, a security freeze provides a more robust level of protection. It prevents anyone from accessing your credit report, effectively blocking fraudulent activity.

Additional Tips for Protecting Your Credit

  • Check Statements Regularly: Review your bank and credit card statements at least once a month for unauthorized charges.
  • Annual Credit Report: Obtain your free annual credit report from annualcreditreport.com to check for errors and signs of fraud.

Can Closing Costs Be Included in Your Loan? Here’s What You Need to Know

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When buying a home, many people are aware of the down payment but often overlook the additional costs that come with closing the deal. These expenses, known as closing costs, can sometimes catch buyers off guard. The good news is that, in certain circumstances, closing costs can be included in your loan. Here’s a closer look at how this works and what you need to consider.

Understanding Closing Costs

Closing costs are fees associated with the finalization of a real estate transaction. They typically include expenses such as:

  • Loan origination fees
  • Appraisal fees
  • Title insurance
  • Home inspections
  • Property taxes
  • Homeowner’s insurance

These costs can add up to 2-5% of the purchase price of the home, which can be a significant amount on top of your down payment.

Rolling Closing Costs Into Your Loan

Including closing costs in your loan means you’re essentially financing these expenses over the life of the mortgage instead of paying them upfront at closing. This can be a convenient option if you’re short on cash, but it’s important to understand how it works and the implications:

  1. Loan Type: Not all loans allow you to roll in closing costs. Conventional loans, FHA loans, and VA loans might offer this option, but the terms and availability can vary. Always check with your lender about your specific loan type.
  2. Interest Rates and Loan Amount: When you add closing costs to your loan, your loan amount increases, which can affect your monthly payment and the total interest you’ll pay over the life of the loan. Additionally, some lenders may charge a higher interest rate if you choose to roll closing costs into your mortgage.
  3. Appraisal Value: The total loan amount, including closing costs, must still fall within the appraised value of the home. If the home appraises for less than your purchase price plus closing costs, you may need to pay the difference out of pocket.

Pros:

  • Immediate Cash Flow Relief: Reduces the amount of cash you need upfront.
  • Simplifies the Closing Process: Less out-of-pocket money required at closing.

Cons:

  • Higher Monthly Payments: Increases your loan balance and monthly payments.
  • More Interest Paid Over Time: Total interest paid over the life of the loan will be higher.
  • Possible Higher Interest Rate: Lenders might charge a higher interest rate for including closing costs.

Is This the Right Choice for You?

Deciding whether to include closing costs in your loan depends on your financial situation and long-term plans. If you need to conserve cash for other expenses or investments, rolling in closing costs can be a viable option. However, if you can afford to pay these costs upfront, you’ll save money on interest in the long run.

Always discuss your options with your lender and consider consulting a financial advisor to determine the best approach for your circumstances. Understanding the details and implications will help you make an informed decision and ensure your home-buying process is as smooth and affordable as possible. Every financial decision has its trade-offs. What matters most is finding the balance that works for you and your future home.

What’s Ahead For Mortgage Rates This Week – June 24th, 2024

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Currently, the Retail Sales Report is the sole report that has weight. With the passage of more optimistic inflation data reports, retail sales coming in slightly under expectations will have little to no bearing on the overall outlook. Given the last major reports indicating the economy’s health and state of inflation, there is more optimism toward a potential rate cut this year. Lending partners have still been quick to continue cutting rates.

Consumer Price Index

Sales at U.S. retailers barely rose in May, suggesting Americans are feeling the weight of lingering inflation and high interest rates. Sales edged up 0.1% last month. They had been forecast to rise 0.2%, based on a Wall Street Journal poll of economists.

Primary Mortgage Market Survey Index

  • 15-Yr FRM rates are seeing a decrease by -0.04% with the current rate at 6.13%
  • 30-Yr FRM rates are seeing a decrease by -0.08% with the current rate at 6.87%

MND Rate Index

  • 30-Yr FHA rates are seeing an increase by 0.05% for this week. Current rates at 6.49%
  • 30-Yr VA rates are seeing an increase by 0.05% for this week. Current rates at 6.50%

Jobless Claims

Initial Claims were reported to be 238,000 compared to the expected claims of 235,000. The prior week landed at 243,000.

What’s Ahead

One of the Federal Reserve’s preferred inflation data points will be released next week in the PCE Prices Report, followed closely by the Chicago PMI and the Univ. Michigan Consumer Sentiment reports. 

How Long Does It Take to Refinance a House?

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Refinancing your home can be a smart financial move, offering you the chance to secure a better interest rate, reduce monthly payments, or even tap into your home’s equity. However, one of the most common questions homeowners have is: “How long does it take to refinance a house?” While the timeline can vary based on several factors, here’s a general overview to help you understand the process.

1. Preparing to Refinance (1-2 Weeks)

Before diving into the refinance process, it’s essential to get your finances in order. This preparation phase can take one to two weeks and involves:

  • Reviewing your credit report: Ensure there are no errors that could affect your application.
  • Gathering financial documents: You’ll need recent pay stubs, tax returns, W-2s, bank statements, and information about your current mortgage.
  • Researching lenders: Compare rates and terms from various lenders to find the best deal.

2. Application Submission (1 Day)

Once you’ve chosen a lender, the next step is to complete the refinance application. This usually takes about a day, provided you have all your documents ready. The application will require detailed information about your finances, employment, and property.

3. Loan Processing (1-3 Weeks)

After submitting your application, the lender will begin processing it. This phase typically takes one to three weeks and includes:

  • Credit check: The lender will review your credit history and score.
  • Appraisal: An appraisal of your home is usually required to determine its current market value.
  • Title search: A title search is conducted to ensure there are no issues with ownership or liens on the property.

4. Underwriting (1-2 Weeks)

During underwriting, the lender evaluates your application in detail to decide whether to approve the loan. This stage can take one to two weeks, depending on the complexity of your financial situation. The underwriter will verify all the information provided, assess your ability to repay the loan, and ensure the property meets the lender’s standards.

5. Closing (1 Week)

Once your loan is approved, the closing process begins. This phase generally takes about a week and involves:

  • Reviewing closing disclosure: You’ll receive a closing disclosure at least three days before the scheduled closing date, outlining the final terms and costs of the loan.
  • Signing documents: On closing day, you’ll sign the loan documents, pay any closing costs, and complete the transaction.

Total Timeline: 30-45 Days

On average, the entire refinancing process takes between 30 to 45 days from start to finish. However, this timeline can vary based on factors such as the lender’s efficiency, the complexity of your financial situation, and market conditions.

Factors That Can Affect the Timeline

  • Lender workload: High demand for refinancing can slow down the process.
  • Property appraisal: Delays in scheduling or completing the appraisal can extend the timeline.
  • Financial complexities: Issues such as low credit scores, high debt-to-income ratios, or irregular income can add time to the underwriting process.
  • Document preparation: Missing or incomplete documents can cause delays.

Tips to Speed Up the Process

  • Stay organized: Have all your financial documents ready before starting the process.
  • Respond promptly: Quickly answer any requests from your lender for additional information.
  • Choose a reliable lender: Select a lender with a reputation for efficiency and good customer service.

Refinancing your home is a significant financial decision that can yield substantial benefits. Understanding the timeline and being prepared can help ensure a smooth and efficient process.

Home Mortgage Application: Understanding Proof of Income

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Buying a new home is exciting, but it comes with a fair share of paperwork, especially when applying for a mortgage. One crucial component lenders will analyze is your proof of income. Let’s take a look at what proof of income involves, document examples, and where to find them.

What is Proof of Income?

Proof of income is documentation that verifies your earnings. Lenders require this to ensure you have a steady income stream capable of covering your mortgage payments. This documentation provides lenders with a clear picture of your financial health and helps them determine how much you can afford to borrow.

Document Examples

  1. Pay Stubs
    • What it is: These are documents you receive from your employer, detailing your earnings for each pay period.
    • Where to find them: Typically, your employer issues these either physically or electronically. If you don’t have copies, your HR department can assist.
  2. W-2 Forms
    • What it is: This form reports your annual wages and the taxes withheld by your employer.
    • Where to find them: Employers provide W-2 forms at the end of each year. You can also access them via your employer’s payroll service.
  3. Tax Returns
    • What it is: These documents are filed with the IRS and include your reported income, deductions, and other pertinent financial information.
    • Where to find them: Copies can be found in your records or requested from your accountant or the IRS.
  4. Bank Statements
    • What it is: These statements detail your monthly deposits, withdrawals, and balances.
    • Where to find them: Available through your bank’s online banking portal or by requesting them from your bank.
  5. Employment Verification Letter
    • What it is: A letter from your employer confirming your employment status, job title, and salary.
    • Where to find them: Your HR department can typically provide this upon request.
  6. Social Security Statements
    • What it is: Documentation of benefits received from Social Security.
    • Where to find them: Accessible via the Social Security Administration’s website or by mail.
  7. Profit and Loss Statements
    • What it is: For self-employed individuals, this document summarizes your income and expenses over a specific period.
    • Where to find them: These can be prepared by your accountant or financial software.

Why is Proof of Income Important?

Lenders use proof of income to assess the risk of lending to you. By reviewing these documents, they can confirm your ability to repay the loan. Ensuring all your documentation is accurate and up-to-date can expedite the approval process and enhance your credibility as a borrower.

Tips for Organizing Your Documents

  • Keep Copies: Always retain copies of your income documentation for at least a few years.
  • Stay Organized: Use digital folders or a filing system to keep track of your documents.
  • Update Regularly: Make sure to update your records regularly, especially if your income situation changes.

Embarking on the home-buying journey is exciting, but be prepared. Understanding what proof of income is and knowing where to find the necessary documents, you will be one step closer to securing your dream home.

A Commitment to Diversity and Inclusion

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This historic day commemorates the emancipation of enslaved African Americans in the United States, and it’s more relevant now than ever as we strive to promote diversity, equity, and inclusion in everything we do. Juneteenth, celebrated on June 19th each year, marks the day in 1865 when Union soldiers arrived in Galveston, Texas, bringing the news of freedom to the last remaining enslaved African Americans. It’s a poignant reminder of both the injustices of the past and the ongoing journey towards equality.

We believe in honoring this day not just with words, but with meaningful action. Supporting Juneteenth is about acknowledging our history, celebrating the contributions of African Americans to our society, and reaffirming our commitment to creating a workplace and a community where everyone feels valued and respected.

Our Commitment Moving Forward

Celebrating Juneteenth is just one step in our ongoing journey toward fostering a more inclusive environment. We’re committed to:

  • Diverse Representation: Ensuring diversity in our workforce, leadership, and supplier base.
  • Inclusive Practices: Implementing policies that promote equity and fairness for all.
  • Community Engagement: Supporting initiatives that uplift marginalized communities and amplify diverse voices.

How You Can Get Involved

As a consumer, you have the power to support businesses that share your values. Look for companies that are not only celebrating Juneteenth but actively working towards a more inclusive future. Whether it’s through your purchasing decisions, social media support, or simply spreading awareness, every action counts.

Together, we can make a difference and honor the legacy of Juneteenth in meaningful ways. Join us as we celebrate diversity, promote inclusion, and strive for a better tomorrow.

We want to hear how you are celebrating Juneteenth, let us know in the comments below.

#Juneteenth #CelebrateFreedom #DiversityandInclusion

Exploring 5 Types of Refinance Loans

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Refinancing your mortgage can be a smart financial move, offering potential savings, access to cash, or improved loan terms. With various refinancing options available, it’s essential to understand what each type entails to make an informed decision. Let’s look into five popular types of refinance loans: Rate and Term Refinance, Cash-Out Refinance, Cash-In Refinance, Home Affordable Refinance Program (HARP), and Short Refinance.

1. Rate and Term Refinance

What is it? A Rate and Term Refinance allows you to change the interest rate, loan term, or both without altering the loan amount.

Benefits:

  • Lower Interest Rates: Securing a lower interest rate can reduce monthly payments and save on interest over the life of the loan.
  • Shorter Loan Term: Switching to a shorter loan term can help you pay off your mortgage faster, though it may increase monthly payments.
  • Stabilized Payments: Refinancing from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can provide predictable payments.

Considerations:

  • Closing Costs: Be prepared for closing costs, which can be significant, though sometimes these can be rolled into the loan amount.
  • Break-Even Point: Calculate how long it will take to recoup the closing costs with your monthly savings to ensure it’s worth it.

2. Cash-Out Refinance

What is it? A Cash-Out Refinance replaces your existing mortgage with a new, larger loan, providing you with the difference in cash.

Benefits:

  • Access to Cash: Use the extra cash for home improvements, debt consolidation, or other financial needs.
  • Potential Tax Deductions: Interest on the mortgage may be tax-deductible if the cash is used for home improvements.

Considerations:

  • Higher Monthly Payments: Increasing the loan amount typically raises monthly payments.
  • Equity Reduction: Tapping into home equity reduces the amount of ownership in your home.
  • Risk of Foreclosure: If you use the cash irresponsibly, you risk foreclosure if you can’t make the higher payments.

3. Cash-In Refinance

What is it? A Cash-In Refinance involves paying a lump sum toward your mortgage to reduce the loan balance and refinance at a lower rate or better terms.

Benefits:

  • Lower Loan-to-Value (LTV) Ratio: Reducing your LTV can help you qualify for better interest rates.
  • Reduced Monthly Payments: Lowering the loan balance can significantly decrease monthly payments.
  • Avoiding PMI: Bringing the LTV below 80% can eliminate private mortgage insurance (PMI).

Considerations:

  • Upfront Cash Requirement: Requires a substantial upfront cash payment, which may not be feasible for everyone.
  • Opportunity Cost: Using savings for refinancing means those funds aren’t available for other investments or emergencies.

4. Home Affordable Refinance Program (HARP)

What is it? HARP was designed to help homeowners with little or no equity refinance their mortgages to more affordable terms.

Benefits:

  • Eligibility Flexibility: HARP allows refinancing for those who might not qualify for traditional refinance loans due to low equity.
  • No Appraisal Needed: Often, no new appraisal is required, simplifying the process.
  • Reduced Fees: Lower closing costs and fees compared to conventional refinancing options.

Considerations:

  • Program Ended: HARP ended in 2018, but similar options like Fannie Mae’s High LTV Refinance Option are available.
  • Eligibility Requirements: Specific criteria must be met, including the loan being owned by Fannie Mae or Freddie Mac.

5. Short Refinance

What is it? A Short Refinance occurs when a lender agrees to pay off your existing mortgage and replace it with a new, more affordable loan, often as part of a foreclosure prevention strategy.

Benefits:

  • Avoiding Foreclosure: Helps struggling homeowners avoid foreclosure by obtaining more manageable loan terms.
  • Debt Reduction: This can significantly reduce the principal balance, easing financial strain.

Considerations:

  • Credit Impact: This may negatively impact your credit score, similar to a short sale or loan modification.
  • Lender Approval: Requires lender agreement, which can be challenging to obtain.

Refinancing your mortgage can be a powerful tool for achieving financial flexibility, whether you aim to lower your interest rate, access home equity, or avoid foreclosure. Understanding the difference between each refinancing option—Rate and Term Refinance, Cash-Out Refinance, Cash-In Refinance, Home Affordable Refinance Program (HARP), and Short Refinance—enables you to make the best decision for your financial situation. By carefully weighing the benefits and considerations of each type, you can choose the path that best aligns with your long-term financial goals and current needs.

What’s Ahead For Mortgage Rates This Week – June 17th, 2024

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A welcome and unexpected data release for both the PPI and CPI shows inflation expectations coming in lower than expected. The positive news was somewhat mitigated by the hawkish FOMC rate decision that also took place during the same week. Still, there is more optimism given that the data releases in the past 30 days have shown signs of inflation coming under control. At the very least, it suggests that the Federal Reserve’s policy to keep inflation under control has been effective. As a result, lending partners have quickly cut rates again after the meeting this week.

Consumer Price Index

The cost of consumer goods and services were unchanged in May for the first time in almost two years, suggesting the resurgence in inflation earlier in the year might be petering out. The flat reading in the Consumer Price Index last month was below the forecast for a 0.1% increase, based on a poll of economists by The Wall Street Journal.

Produce Price Index

U.S. wholesale prices fell in May for the second time in three months (thanks partly to lower gas prices), perhaps another sign that the upturn in inflation earlier this year is fading. The Producer Price Index dropped 0.2% last month, the government said Thursday. Economists polled by The Wall Street Journal had forecast an increase of 0.1%.

FOMC Rate Decision

Federal Reserve Chair Jerome Powell was tight-lipped at his press conference Wednesday, having been stung previously by too much optimism. The Federal Reserve remained hawkish throughout the conference and maintained current interest rates.

Primary Mortgage Market Survey Index

  • 15-Yr FRM rates are seeing a decrease by -0.12% with the current rate at 6.17%
  • 30-Yr FRM rates are seeing a decrease by -0.04% with the current rate at 6.95%

MND Rate Index

  • 30-Yr FHA rates are seeing a decrease by -0.20% for this week. Current rates at 6.44%
  • 30-Yr VA rates are seeing a decrease by -0.20% for this week. Current rates at 6.45%

Jobless Claims

Initial Claims were reported to be 242,000 compared to the expected claims of 225,000. The prior week landed at 229,000.

What’s Ahead

The proceeding weeks for FOMC rate decisions and inflation data reports are typically light. Next week has a higher-than-expected amount of influential releases. The lineup includes Retail Sales and the official S&P Global US Manufacturing PMI numbers, giving us a clear indicator of the state of manufacturing for the U.S.

What Credit Score is Needed for a Mortgage in MN?

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Introduction

One of the most frequently asked questions we get at Bay Equity Home Loans is, “What credit score is needed for a mortgage in Minnesota?” Understanding credit score requirements can help you better prepare for the home buying process. In this post, we’ll break down the credit score requirements for various types of mortgages available in Minnesota and provide tips on how to improve your score.

Credit Score Requirements by Mortgage Type

FHA Loans

FHA loans are a great option for first-time homebuyers due to their flexible credit requirements and low down payments.

  • Minimum Credit Score: 580 (with a 3.5% down payment)
  • Alternative: If your score is between 500-579, you can still qualify, but you’ll need a 10% down payment.

VA Loans

VA loans are available to veterans, active-duty service members, and eligible surviving spouses.

  • Minimum Credit Score: Typically 620, but some lenders may approve scores as low as 580.

USDA Loans

USDA loans are designed for rural homebuyers with moderate incomes.

  • Minimum Credit Score: Generally, 640 is required, though some lenders might consider lower scores with strong compensating factors.

Conventional Loans

Conventional loans are not backed by the government and typically have stricter requirements.

  • Minimum Credit Score: 620 for most lenders. Higher scores can qualify you for better interest rates and terms.

Jumbo Loans

Jumbo loans are for amounts that exceed the conforming loan limits set by Fannie Mae and Freddie Mac.

  • Minimum Credit Score: Usually 700 or higher, reflecting the higher risk associated with these larger loans.

Tips to Improve Your Credit Score

If your credit score is below the minimum required for your desired loan type, here are some tips to improve it:

  • Pay Bills on Time: Consistently paying your bills on time is one of the most important factors in improving your credit score.
  • Reduce Debt: Lower your credit card balances and pay off any outstanding loans.
  • Check Credit Reports: Regularly review your credit reports for errors and dispute any inaccuracies.
  • Avoid New Credit: Refrain from opening new credit accounts or taking on new debt before applying for a mortgage.

Minneapolis Market Insight

In the competitive Minneapolis real estate market, having a strong credit score can give you an edge. A better credit score can help you secure better interest rates, lower your monthly payments, and increase your overall buying power. Minneapolis offers various housing options, from urban condos to suburban family homes, making it crucial to be well-prepared financially.

Conclusion

Understanding the credit score requirements for different types of mortgages can help you better prepare for the home buying process. Whether you’re considering an FHA, VA, USDA, conventional, or jumbo loan, knowing where your credit stands is the first step towards securing your mortgage.

For personalized advice and to explore your mortgage options, contact Coleen TeBockhorst at Bay Equity Home Loans. Our team is here to guide you through the process and help you achieve your homeownership dreams in Minneapolis.

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Call to Action

Stay informed and make the best investment decisions by following our blog and social media channels. Don’t forget to share this post with friends and family who might benefit from learning about the credit score requirements for mortgages in Minnesota!

 

Important Tips for Paying Off Your Mortgage Early and Saving on Interest

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Are you dreaming of the day when you can declare yourself mortgage-free? Paying off your mortgage early not only liberates you from monthly payments but can also save you a significant amount in interest. While it may seem daunting, a few strategic moves can bring this goal within reach. Here are seven actionable tips to help you pay off your mortgage early and save on interest.

1. Make Biweekly Payments

Instead of sticking to the conventional monthly payment schedule, consider switching to biweekly payments. By making half of your monthly payment every two weeks, you’ll end up making 26 half-payments per year, which equals 13 full payments. This simple change can shave years off your mortgage term and save you thousands in interest.

2. Round Up Your Payments

Another easy strategy is to round up your mortgage payments. For instance, if your monthly payment is $1,456, rounding up to $1,500 can make a considerable difference over time. This small increase adds up and helps you chip away at your principal faster.

3. Make Extra Payments

Whenever possible, make extra payments towards your mortgage principal. This can be done by allocating bonuses, tax refunds, or other windfalls directly to your mortgage. By paying down the principal balance faster, you reduce the amount of interest you’ll pay over the life of the loan.

4. Refinance to a Shorter Term

If you’re in a strong financial position, refinancing your mortgage to a shorter term, such as from a 30-year to a 15-year loan, can result in significant interest savings. While your monthly payments may increase, the amount saved in interest over the loan’s duration is often substantial.

5. Reduce Your Spending and Reallocate the Savings

Analyze your budget and identify areas where you can cut back on expenses. Redirect these savings towards your mortgage payments. This could involve cutting down on dining out, canceling unused subscriptions, or finding more cost-effective ways to entertain yourself.

6. Apply Windfalls to Your Mortgage

Whenever you receive unexpected income, such as a work bonus, tax refund, or inheritance, consider putting it towards your mortgage. These lump sum payments can significantly reduce your principal balance, leading to less interest accruing over time.

7. Recast Your Mortgage

Mortgage recasting is an option worth exploring if you receive a large sum of money and want to lower your monthly payments without the need to refinance. By making a substantial principal payment, your lender recalculates your monthly payments based on the new, lower balance. This can reduce both the amount of interest you’ll pay and the length of your mortgage term.

Paying off your mortgage early and saving on interest is a feasible goal with the right strategies in place. By implementing biweekly payments, rounding up payments, making extra payments, refinancing, reducing spending, applying windfalls, and considering mortgage recasting, you can achieve financial freedom sooner than you might think. Remember, every little bit helps, and the sooner you start, the more you’ll save in the long run. Happy saving!

Fact Check Summary:

  • The biweekly payment strategy effectively adds one extra payment per year, reducing the loan term and interest.
  • Rounding up payments and making extra payments directly affect the principal, reducing interest.
  • Refinancing to a shorter term generally results in lower total interest paid, despite higher monthly payments.
  • Budget adjustments can free up additional funds to be directed toward the mortgage.
  • Windfalls can significantly impact the principal balance when applied to the mortgage.
  • Mortgage recasting is a viable option to lower monthly payments and interest without refinancing.

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Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Citywide Home Mortgage does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Citywide Home Mortgage. Citywide Home Mortgage, its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

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