Solutions To Common Mortgage Problems
Here at Patriot Home Mortgage in St. George and Mesquite, our goal is to make the mortgage process as smooth and stress-free as possible! However, we also know that getting a mortgage is one of the biggest investments most people make and that signing such a large loan can come with a lot of stress.
Depending on the mortgage company you choose, that stress can be compounded by mortgage problems. In today’s blog post, we’re going to be covering a few of these common issues and provide you with solutions to help you move forward. These problems may be during the mortgage process, or down the road as you’re paying off your debt. Continue reading to learn more and if you’re in need of mortgage financing for your dream home, contact Patriot Home Mortgage in St. George and Mesquite.
I applied for my loan and just before closing the terms changed from the estimate and now I have to pay more.
Your annual percentage rate, which includes the interest rate, discount points, and lender fees can’t change from the good faith estimate you received at the beginning of the mortgage financing process by more than one-eighth of a percentage point. The fees that the lender is charging can’t change at all. And third-party fees for title service, appraiser, and closing attorney can’t change by more than 10% of the total fees originally estimated. If your fees have changed more than these percentages, that’s a problem and you need to search out different services or negotiate a better price.
I can’t make my mortgage payments — how long do I have until foreclosure?
Life happens. Financial emergencies like losing your job or a medical emergency can cause you to fall behind on your mortgage payments. If you’re having trouble with payments, act fast. Contact your mortgage servicer to find out if there are options for you to avoid foreclosure, such as mortgage refinancing. There are also housing counselors and credit counseling that provide loss mitigation programs to help you avoid foreclosure. The length of time you have to avoid foreclosure depends on your individual situation and your lender, so be sure to respond to your servicer if they reach out to you. Your lender wants you to pay back your loan and avoid foreclosure, and you do have options.
I made a mortgage payment, but the loan servicer said they didn’t receive it
Missing a mortgage payment will lower your credit, and that’s definitely something you want to avoid. However, know that your lender won’t report a late payment until 30 days after the due date and many mortgage lenders provide a courtesy period. If the lender is having trouble tracking down your payment, you can send an error notice and your servicer can’t hurt your credit score for 60 days after receiving the notice.
Patriot Home Mortgage – Mortgage Financing
Our mortgage company is proud to help members of our St. George and Mesquite communities find the mortgage financing that fits their needs, from FHA loans to VA loans and more. Our goal is to help you find the right loan so that you can live better! Contact us today to get started.