Category: Mortgage Payment

DEFINING PITIMI

  The acronym PITIMI represents the components of the monthly mortgage payment. It is defined as follows: • P = Principal • I = Interest • T = Real estate taxes • I = Insurance • MI = Mortgage Insurance The principal is the amount paid against the borrowed funds per month. Interest is the amount paid to the lender. Taxes and insurance are collected monthly by the lender into an escrow account. The lender pays these amounts as they become due. Mortgage insurance is paid monthly until there is at least 20% equity in the home, at which time...

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BEFORE FORCLOSING CONSIDER A SHORT SALE

You have options as a homeowner but did you know you may qualify for a short sale on your home as an alternative to foreclosure?  How does a short sale work?  A qualified homeowner will sell their home for less than they owe. There are advantages to a short sale, and you may wonder where to begin.   Contact your lender immediately if you’re unable to make your mortgage payment and need to discuss  your options.   You can also contact us at Counsel Mortgage Group.  We are happy to discuss your needs and options. We offer a variety of products...

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LOSS MITIGATION

What is loss mitigation? Loss mitigation refers to the mortgage servicers responsibility to the borrower and helping the borrower avoid foreclosure. There are many options for borrowers who may be struggling to make loan payments. Forbearance is not the only option, and may not be a solution long-term.   Here’s a link providing options in addition to forbearance https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/#loan-modification   We welcome you to contact us at Counsel Mortgage Group. We’re here to help. We offer a variety of products and services, ask us how we can assist you today.     Counsel Mortgage Group®, LLC www.counselmortgage.com 480-502-1000 NMLS #178927...

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SHOCK ELIMINATION

  A homeowner should read their monthly mortgage statement, and make their payments on time. The statement will provide information to keep you up-to-date on the payment schedule and amount; eliminate being shocked or awed.    Isn’t the payment amount the same monthly?  No, not necessarily.  Why do monthly mortgage payments change?  It could be the loan type, mortgage insurance premiums, homeowners insurance premiums, real estate taxes, or a simple billing mistake made by the servicer.   If you notice strange discrepancies or errors you should contact your mortgage servicer and send an information request letter.   Contact us at...

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WHAT SHOULD YOU DO IF YOUR MORTGAGE STATEMENT IS INCORRECT?

  If you see a discrepancy on your statement you need to contact the loan servicer.  You can call them over the phone but it is a best practice to write a formal letter regarding  disputed charges.  Remember to use the address the server requests be used for written communications.  Otherwise a response may be delayed.   Here is an article outlining important steps to follow when disputing an error with your servicer:      

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MORTGAGE, REFINANCING AND SKIPPING PAYMENTS

You may have heard about skipping a payment, or maybe even 2 months payments, when you refinance? Is skipping a payment tricking the system, or getting away with something? No, in fact, you may be front-loading more cash at closing.  

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