What is a “piggyback” second mortgage?
A “piggyback” second mortgage is a home equity loan or home equity line of credit (HELOC) that is made at the same time as your main mortgage. Its purpose is to allow borrowers with low down payment savings to borrow ...
I am married or was previously married, and I am applying for a mortgage loan or home equity line of credit in my own name. Can a lender or broker ask me about my spouse or former spouse?
A creditor may request information about your spouse or former spouse only in certain cases. None Generally, a creditor such as a lender or broker may request information about your spouse or former spouse only in the following cases: Your ...
Are there other types of loans that can serve a similar purpose as a HELOC?
Depending on your financial situation and needs, you may be able to get other loan products that cost less or involve less risk than a HELOC and make more sense for you. A U.S. Department of Housing and Urban Development ...
Does a HELOC affect my ability to refinance my first mortgage loan?
Taking out a HELOC can affect your ability to refinance. Once you take out a HELOC, you may have to get approval from your HELOC lender in order to refinance your first mortgage loan. HELOC lenders can refuse to allow ...
I wanted to take out a Home Equity Line of Credit but my lender told me the terms have changed. What can I do?
When you apply for a HELOC, the lender must give you important information about the terms and costs of your HELOC. This information includes the length of the draw and repayment periods, fees and costs you may be charged by ...
What fees can my lender charge if I take out a HELOC?
Before you take out a Home Equity Line of Credit be sure to read the documents carefully to see what fees your lender can charge you. Under some plans, lenders can charge you: For not using your HELOC (an inactivity ...
What is the difference between a Home Equity Loan and a Home Equity Line of Credit?
With a home equity loan, you receive the money you are borrowing in a lump sum payment and you usually have a fixed interest rate. With a home equity line of credit (HELOC), you have the ability to borrow or ...
My lender offered me a Home Equity Line of Credit (HELOC). What is a HELOC?
A HELOC is a line of credit that allows you to borrow against your home equity. Equity is the amount your property is currently worth, minus the amount of any mortgage on your property. Unlike a home equity loan, HELOCs ...
Can I send a QWR, error dispute, or information request to my mortgage servicer no matter what kind of mortgage I have?
If you have a closed-end mortgage, your mortgage servicer is required to follow certain rules. With a closed-end mortgage (in which you receive the entire loan amount upfront and cannot redraw after that), your mortgage servicer is required to follow ...
My lender offered me a home equity line of credit (HELOC). What is a HELOC?
A home equity line of credit (HELOC) is an “open-end” line of credit that allows you to borrow repeatedly against your home equity. You “draw” on the line over time, usually up to some credit limit, using special checks or ...
What is a second mortgage loan or "junior-lien"?
A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house. None Home equity loans and home equity lines of credit (HELOCs) are common examples ...