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mortgage payment definition

Mortgage 101 - Defining some commonly used terms when dealing with mortgages

Albert talks about some commonly used terms when dealing with mortgages: amortization period, term, payment frequency, closed vs open mortgages ...

Pennsylvania Licenses Residential Mortgage Loan Servicers

The New Year greeted mortgage loan servicers in Pennsylvania with a new licensing obligation. On December 22, 2017, Pennsylvania Governor Tom Wolf signed legislation into law imposing a licensing obligation for residential mortgage loan servicers. With the enactment of Senate Bill 751 (“SB 751”), Pennsylvania became the latest state to join the majority of states that license mortgage servicers.1 The date by which a license needs to be obtained will be determined by the Pennsylvania Department of Banking and Securities (the “Department”) according to regulations that will be promulgated in 2018.2 Prior to adopting such regulations to govern the licensing and regulation of mortgage loan servicers, Pennsylvania regulators are expected to issue a customary “Secretary’s Letter” to provide guidance regarding the new licensing obligations for mortgage loan servicers.

Questions have been raised as to who qualifies as a mortgage servicer, who is exempt from licensing, what servicing practices must be followed and what requirements must be met to obtain a license. This Legal Update discusses what we know and raises some questions that SB 751 does not answer, but which Pennsylvania regulators should address in the regulations or the Secretary’s Letter. We will monitor developments as Pennsylvania regulators move forward with the regulatory process.

Real Estate Agents in New Mexico Are Doubling Their Commissions From Cash Clients With This Little-known Technique

Picture this.

A couple is about to retire and they want to reduce their living expenses, and hopefully eliminate their mortgage payments. So they sell their house and make $185,500 from the sale.

They are now in the market for a new home, and they want to pay in CASH.

Most real estate agents would show them homes for $185,500 or less, which is currently the median home value in Albuquerque. But those typical real estate agents would be doing that couple a huge disservice.

That’s because, using one often overlooked yet perfectly legal technique, that couple could immediately double their purchasing power and be able to afford a house for $371,000.

By doing that the real estate agent would earn a gross commission of $22,260 rather than $11,130 and the couple would still be able to live in the larger house for the rest of their lives without ever having to make a mortgage payment.

Is there an official definition of biweekly mortgage payments versus semimonthly and monthly?

We just refinanced our home with our credit union and specifically asked for biweekly payments to pay off faster. They said it would be just a slighty higher interest rate. Biweekly is on our closing papers.

I had a similar problem with my re fi also .... You really need to go to a real estate attorney as these things are very compliocated and can get very "Iffy" depending on the language of the contracts signed ...