THE ANSWER LIBRARY
Answers for homeowners
Understand your payment, cash and choices. Start with the question that matters today.
692 published answers
What should I do about my mortgage after a disaster?
Contact your servicer promptly if a disaster affects your home or ability to pay, and contact your insurer about coverage and claims. Assistance may be available, but it is not automatic or the same for every loan. Get any payment arrangement in writing and keep track of taxes, insurance and temporary housing costs.
Read the answerWhat should I do after paying off my mortgage?
Confirm the loan payoff and lien release process, then take responsibility for any taxes and insurance previously handled through escrow. Keep the home insured and track bill dates. A paid off mortgage removes the loan payment, but it does not remove the ongoing cost of owning the property.
Read the answerWhat should I do if I may miss a mortgage payment?
Contact your mortgage servicer as soon as you expect trouble, even before a payment is missed. Ask about available assistance and the information needed for review. A HUD approved housing counselor can also help you understand options. Do not assume you must refinance or wait for the situation to get worse before asking for help.
Read the answerWhat should I do if my mortgage payment was applied incorrectly?
Gather the statement, payment confirmation and dates, then contact the servicer about the specific error. If needed, use its designated written notice of error process. Keep copies and track responses. Continue addressing current payment obligations while the issue is reviewed rather than assuming a dispute automatically pauses them.
Read the answerWho should I contact about my mortgage payment?
Start with the mortgage servicer shown on your current statement for payment posting, escrow and account questions. Your original lender and current servicer may be different companies. Eric can help with mortgage planning and future options, but a planning conversation does not change your account or replace a request to the servicer.
Read the answerWhy is my mortgage payoff higher than my statement balance?
The statement balance usually shows principal at a particular point in time. A payoff quote calculates the amount needed to satisfy the loan through a specified date and may include accrued interest and applicable charges. Request an official payoff for your planned date rather than using the online balance to send the final amount.
Read the answerWill autopay update when my mortgage payment rises?
It depends on how the payment is set up. A servicer’s automatic draft may follow the current amount due, while a fixed bank bill payment may continue sending the old amount. Verify the settings and effective date whenever you receive a payment change notice. Do not assume automation handles every change.
Read the answerAfter selling, should I recast or refinance my new mortgage?
A recast on an eligible loan recalculates the payment after a principal reduction while generally keeping the existing rate and remaining term. Refinancing replaces the loan with new terms and costs. Compare actual eligibility, fees and payments. A recast is not automatically available, and refinancing is not automatically better because rates changed.
Read the answerBridge Loan vs. HELOC for Buying Before Selling
A bridge loan and a home equity line of credit (HELOC) can both involve borrowing against a home, but their terms and intended use differ. Compare the actual offers by cash available, fees, required payments, repayment deadline and the effect of a delayed sale. Do not assume either option is available once a property is listed or that either eliminates the need to qualify for the new mortgage.
Read the answerBuying a House Before Selling Your Current Home: What to Plan
Buying a house before selling your current home may be possible, but solve three questions first: where the purchase cash comes from, whether the financing works while you own both homes and how long you can carry overlapping costs. Compare buying first with selling first before selecting a bridge loan, equity line, recast plan or another source of cash.
Read the answerCan a buyer take over my mortgage when I sell?
Some loans may be assumable with required approval, while others are not. The buyer’s eligibility, the cash needed above the assumed balance and your release from liability all matter. Ask the servicer about the actual loan and process before advertising that a buyer can simply take over your rate.
Read the answerCan I open a HELOC on the home I plan to sell?
Possibly, but eligibility and restrictions depend on the lender, property and timing. Tell the lender that you intend to sell and confirm whether a listed or soon to be listed home qualifies. Do not assume an approved line will remain available for the new purchase without checking the actual agreement.
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