What is a Mortgage Shortfall?
When the proceeds from the sale of the property are not enough to pay off the entire mortgage debt or closing costs, the difference between the two is referred to as the mortgage shortfall. As a result, your lawyer will likely request additional funds on the day of closing. Reasons for a mortgage shortfall include: […]
What is a M.I.C.
M.I.C. stands for Mortgage Investment Corporation. A MIC is a type of investment company that invests in mortgages. Typically, they are made up of a group of investors who pool together their money in order to provide mortgages to borrowers. Whatever income is generated through mortgage payments is then distributed to the investors as a […]
Your Funding Date & Your Mortgage
All mortgage commitments have a funding date. The funding date signifies when the funds for your mortgage will be released. If a date cannot be found, then you may not have a commitment to a mortgage. Thus leaving you without money on your closing date. Furthermore, along with the funding date, a mortgage commitment will […]
Mortgage Intent To Lend Vs. Mortgage Commitment
In the world of mortgage lending, a mortgage commitment and intent to lend are two very different terms. Understanding this difference is crucial for anyone in the process of obtaining a mortgage loan. A mortgage commitment is a written agreement by a lender to lend the money and fund the deal by a specific date. […]
The Blanket Mortgage
We are not talking about a cozy blanket in this post. Although sometimes getting a blanket mortgage can create a cozy deal. A blanket mortgage streamlines the financing process by allowing borrowers to collateralize multiple properties into a single loan. This is a great tool for those who are looking to purchase or refinance multiple […]
