FAQ's

You got questions? Mama's got answers!

 

What about mortgage fraud?
Since there has been a lot of news and magazine articles on Mortgage Fraud lately, Mortgage Mama has added an informative article on Title Insurance. If you have additional questions, contact Carol Dorn today.

What are the costs associated with arranging a mortgage?
Typically, the only cost on a qualified residential mortgage is the appraisal of the home and/or a house inspection if desired.

 

What is the difference between monthly payments and weekly/biweekly?
Weekly and biweekly payments accelerate the reduction of the mortgage by forcing one extra monthly payment per year. This extra payment also saves you interest costs as you only pay interest on the outstanding balance of your mortgage.

 

Are there financing options available that can help me pay off my mortgage faster?
There are several innovative mortgage products on the market today that can save you money. Make sure to find out about these products and how they can work for you.

 

What is C.M.H.C. insurance and when does it affect me?
This government insurance allows buyers with less than 20% down to purchase a home. The insurance premiums are added into the mortgage amount and vary with the size of your down-payment.

 

What is tax hold back?
The amount of money held back by a lender to provide an opening balance for property tax payments. This amount combined with regular monthly payments will be sufficient to pay an entire year's taxes on the property. These hold backs vary depending on the time of the year.