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Mary Said:

What mortgage company gives the best rates?

We Answered:

It is a mistake to just compare interest rates.

Obtain a truth in lending good faith estimate on closing costs, comparing these can save you thousands.

Ask about pre-payment penalties, this varies widely by lender.

What happens if you are a few days late on a payment? Some lenders charge a huge late fee even if you are a few days late.

Good luck!

Colleen Said:

What mortgage company gives the best interest rates to someone after bankruptcy?

We Answered:

if your bankruptcy is recent, I doubt you will find an affordable rate... which is one reason you may not want to buy a house right now. If you cant get a good fixed rate and payment (on a 15 yr loan or less), and a payment no more than 25% of your take home pay, I would not buy.

Sonia Said:

Our house has been repossessed by the mortgage company, do we still have to pay rates on it till they sell it?

We Answered:

In the US, once it is repossessed, it is no longer your responsibility. I would assume the same is true for you.

Rachel Said:

Can a mortgage company profit off the escrow account?

We Answered:

No. That is not possible. Your mortgage company has no control over your property insurance or property tax amounts. Your property insurance premium is dictated by your homeowner's insurance company, and the local city or county sets the property tax rates. It has nothing to do with the mortgage company.

On a fixed rate mortgage, your payment will never change, unless you're currently paying private mortgage insurance (nothing to do with property insurance), then it will go down once your loan balance reaches 78% of your original loan amount.

Your mortgage company cannot profit in any way from the escrow account (by collecting interest, or otherwise). The only time your payment can change in relation to taxes and insurance is if those amounts increase. If that happens, sometimes the lender will make you pay a little extra to "catch up" the escrow balance, because they had to pay out more than they anticipated.

Sherry Said:

What mortgage rates do employees receive when a company relocates?

We Answered:

I just went thru this 2 years ago. The company I work for worked with the Prudential Relocation area and came up with a relocation package for employees that wanted to relocate. They didn't give a specific mortgage rate in the package, but they would give so many dollars towards the various costs involved in moving such as the closing costs, actual moving costs, temporary housing costs if you sold your house but had not closed yet on the one you were buying.

I would guess that companies do this differently depending on the situation.