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Understanding the Mortgage Documents - Freddie Mac

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In providing information about yourself and any co-borrowers be prepared to furnish your Social Security number date of birth marital status and contact information* Be prepared to provide documentation on your income expenses assets what you own and liabilities what you owe. If you have pending legal problems or factors that influence your financial situation you will be asked to provide that information* This in combination with your credit report will help the lender assess your ability to ...

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What are the 4 Cs in lending?

Standards may differ from lender to lender, but there are four core components the four Cs that lenders will evaluate in determining whether they will make a loan: capacity, capital, collateral and credit.

What are mortgage documents?

The Mortgage or Deed of Trust is a legal document in which the borrower transfers the title to a third party (trustee) to hold as security for the lender. When the loan is paid in full the trustee transfers the title back to the borrower.

What is the difference between a promissory note and a mortgage note?

Promissory Note Vs. Mortgage. A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage. The mortgage is a legal document that ties or secures a piece of real estate to an obligation to repay money.

How do you read a mortgage note?

All mortgage notes will contain the following information: Amount Borrowed. This is the total amount you owe on the mortgage. Interest Rate. Early in the mortgage application process an interest rate is locked-in by the buyer. Down Payment Amount. Name of Borrower. Name of Lender. Repayment Plan. Failure to Repay.

What is listed on a mortgage note?

ing to the U.S. Department of Housing and Urban Development, mortgage notes include the amount you owe, interest rate, payment due dates, the length of time for repayment and where the payments are to be sent. The note also contains a section outlining any consequences if the terms of the note are broken.

How does a mortgage note work?

A mortgage is a type of contract. What makes it special is that its a loan secured by real estate. A mortgage note is the document that you sign at the end of your home closing. It should accurately reflect all the terms of the agreement between the borrower and the lender or be corrected immediately if it doesnt.

What is the best description of the mortgage note?

A mortgage note, also known as a promissory note, is a legal agreement to repay your mortgage. It outlines the terms agreed upon between you and your lender, including the amount you owe, your interest rate and what happens if you dont repay the loan. Youll sign your mortgage note at closing.

What does Freddie Mac do with mortgages?

Freddie Mac does not make loans directly to homebuyers. Our primary business is to purchase loans from lenders to replenish their supply of funds so that they can make more mortgage loans to other borrowers.

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Get the up-to-date Understanding the Mortgage Documents - Freddie Mac 2024 now

Here's how it works

How to edit Understanding the Mortgage Documents - Freddie Mac in PDF format online

Complete this form in 5 minutes or less

Got questions?

What are the 4 Cs in lending?

What are mortgage documents?

What is the difference between a promissory note and a mortgage note?

How do you read a mortgage note?

What is listed on a mortgage note?

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How does a mortgage note work?

What is the best description of the mortgage note?

What does Freddie Mac do with mortgages?

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