Beware of Fraudulent “Making Home Affordable” Offers. Owning a home can be expensive and, as one of your largest assets, it’s important to protect. As a homeowner, you may receive hundreds of offers a year to refinance or modify your home loan, promising a lower monthly payment. Unfortunately, not all offers are legitimate..
PennyMac issues the Year End Statement (also known as a Form 1098 or annual tax statement) annually to mortgagors for income tax reporting purposes. This statement includes the total amounts for interest paid and property taxes paid from your escrow account (if you have one) for the entire year.
Each financial decision is unique and depends on one’s goals. There are many considerations when it comes to your mortgage. Imagine, though, the lucky homeowners who are unconcerned with how to pay their mortgages, but how quickly they can eliminate them entirely. Surely no downside exists to paying off your mortgage early, right?
Paying off your mortgage early sounds like a dream, right? Well, it doesn’t have to be. You can make it a reality with extra mortgage payments. By applying additional funds to the principal, you can reach an earlier payoff date and save interest over the life of the loan.
Buying a home at an REO sale can be an excellent opportunity to get into a property while saving money since "real estate owned" by the lender is frequently priced at a discount. While REO homes might need some work, it can be an opportunity to immediately create value so that you can end up with equity in your house from day one. Buying a home at an REO sale is similar to the process of buying one at any other sale.
