Credit Union Mortgage Association has a team of real estate loan advisors available to help you understand the terms of your mortgage. We want to make sure that your home is not at risk and that you are prepared for the next chapter of home ownership. Take a few minutes this month to review your mortgage documents, and if you have any questions or concerns, give our team a call. We will review the closing documents to help you understand what the terms are to your adjustable or fixed rate mortgage. If you have a negative amortizing loan, we will explain what that means and what your options are. We will help you prepare for any changes that may occur in the future.
You may not need help, but perhaps you know someone who does. Here are our tips to help homeowners during what may be a challenging time:
1. Communication–Contact your lender as soon as you have a problem paying your mortgage. Most lenders want to help you keep your house. We do!
2. Letters–Open and read all mail from your lender. Generally, the first letters include options to help you prevent foreclosure. Don't wait until you receive a legal notice!
3. Documents–Review your loan documents. Know what to expect during the life of your loan and what may happen if you experience financial difficulties. Be prepared!
4. Expenses–If you are having trouble paying your mortgage, you may want to contact our financial counseling partner, Balance. Don't spend your money on unnecessary purchases. Your home and your health should come first!
5. Scams–Don't become a victim of a scam. Don't sign a document from anyone who claims he can stop the foreclosure. Don't pay fees for foreclosure help. There are many resources available to help you for free. Contact your lender or our real estate team.
We want to help you keep your home and minimize the potential for financial problems. Contact us at 703-425-1204 to discuss your situation with a mortgage representative.
While it really doesn't matter why you need a new house, it does matter how you go about purchasing it. The first step is getting Pre-Approved. Take the worry out of financing and click here for all the details.
A Reverse Mortgage is a unique loan that allows homeowners age 62 years and older to convert part of the equity in their home into monthly income or cash without having to sell the home, give up title, or take on additional monthly mortgage payments. Click to learn more.