If the property is located in California, Mortgage Passport does not require borrowers to escrow for taxes.
To change the account number and/or bank that your automatic mortgage payments are coming from, please complete an ACH/Autopay Change/Cancel Form. This form can be completed at your local branch office or you can request a form to be sent to you via secured email or by U.S. mail by contacting our Customer Care Department at 1-800-844-7333. Please allow three business days for us to make the change.
Mortgage Passport does not permit a name change on your existing loan documents. If you have an existing equity line of credit, you will need to reapply. The only way you can change a name on an existing mortgage loan is to do a refinance transaction. We can, however, change your name in our system for Mortgage Passport mailings and for identification purposes. To do this, we require a dated, signed letter from you with copies of any appropriate legal documents such as a marriage certificate.
To change the account number and/or bank that your automatic mortgage payments are coming from, please complete an ACH/Autopay Change/Cancel Form. This form can be sent to you via secured email or by U.S. mail by contacting our Customer Care Department at 1-800-844-7333. Please allow three business days for us to make the change.
If you have decided to change loan programs, contact your Loan Administrator to discuss your options.
Yes, you can at application for no additional cost. Check with your loan administrator for details.
The most common reason is due to a change in the amount of escrow we collect on your behalf. If your local taxes have changed, your escrow amount will change as well. We collect escrow money equal to the last tax bill paid of record. On the anniversary date of your mortgage loan, we will send out an Escrow Disclosure statement to you. This statement will inform you if you need to adjust the amount you are currently paying into your escrow account. There could be other situations that could affect your monthly mortgage payment. Contact a Mortgage Passport Customer Care Representative to review your personal situation.
The Federal Truth in Lending Act requires that all financial institutions disclose the Annual Percentage Rate (APR) when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some of the closing fees charged at closing be included, in addition to the interest rate, to determine the cost of financing over the full term of the loan. For adjustable rate mortgages, the APR can be complex. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments. You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that's best for you. Also, the APR doesn't include all the closing costs. Look at total fees, possible rate adjustments in the future if you are comparing adjustable rate mortgages, and consider the length of time that you plan on having the mortgage. Don't forget that the APR is not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan. If you would like additional information you may want to see the Buying Your Home Settlement Costs & Helpful Information booklet Mortgage Passport will make available to you.
A lender credit is money that the lender provides to lower your closing costs in exchange for a higher interest rate. Credits are inverse to points.
To determine if it makes sense for you to pay discount points, compare the cost of the discount points to the monthly savings created by the lower interest rate. Each point is equal to one percent of the loan amount. Divide the total cost of the discount points by the savings in each monthly payment. This calculation provides the number of payments you'll make before you recoup the cost of the discount points. If the length of time you plan on having this mortgage is longer than the time it will take to recoup the cost, you should consider paying discount points.
Points represent a percentage of your loan amount (1 point = 1%). You might choose to pay points at closing in exchange for a lower interest rate on the loan. In other words, by pre-paying some interest, you are “buying down” your rate.
The credit report Mortgage Passport obtains is used strictly for our lending purposes only. You can obtain a full copy of your credit report by contact any one of the following credit bureaus: Equifax 1-800-685-1111 or
https://equifax.com Experian 1-888-397-3742 or
https://experian.com Transunion 1-800-888-4213 or
https://transunion.com Everyone is entitled to a FREE copy of their credit report each year from EACH credit bureau. You can go to
https://annualcreditreport.com to order your free copies or contact each individual credit bureau.
None of the mortgage programs we offer have penalties for prepayment. You can pay off your mortgage any time with no additional charges.
Your loan payment is due on the 1st of every month with a 15 day grace period. Any payment received on the 16th or after will be considered late.
The annual percentage rate (APR) is your interest rate, plus other charges and fees, such as closing costs and discount points, expressed as a yearly rate. By law, the APR is always expressed as a percentage next to the mortgage interest rate. The APR gives the best indication of the total cost of your mortgage.
The maximum loan amount for a refinance is up to 80% of the appraised value, minus the balance of any other loans on the property.
Your exact mortgage closing costs will be based on the conditions of your loan.
Closing costs include:
- Points or credits, as determined when you select your rate
- Third-party settlement fees, which are noted on all loan estimates and disclosures
- Per diem, which is pre-paid interest from the day of closing through the end of the month prior to your first payment
- Escrow payment, if applicable
Within three days of submitting your application, we’ll send you a loan estimate that outlines your expected closing costs. If anything changes before closing, we’ll send you an updated loan estimate.
At least three days prior to closing, we’ll provide a closing disclosure that gives a fully itemized list of closing costs.
A lien is a legal claim to an item of property. When you get a mortgage to buy a home, your lender uses the home as collateral. To do this, they place a lien on your home; this is called the first lien, the first mortgage lien, or the primary lien. If you fall behind on your loan payments and default on your mortgage, your lender has the right to repossess the home, sell it, and use the proceeds to pay off your debt.
A primary residence is a home in which you live for the majority of the year. You can only have one primary residence. Home loan rates tend to be lower for primary residences, so it's important that you let your lender know this information in your application. The interest that you pay on a home loan for a primary residence may also be tax deductible.
No, Mortgage Passport does not offer FHA loans.
When a lender offers you an interest rate for a mortgage, the interest rate is the cost of borrowing money, expressed as a percentage of the loan. Most consumer mortgages use simple interest which is defined as paying interest only on the principal. Some loans use compound interest which is applied to the principal and also to the accumulated interest of previous periods (this is also known as a negative amortization loan). Borrowers are often quoted interest rates in addition to annual percentage rates (APRs), which are interest rates plus lender fees and charges.
Appreciation is the increase in the value of your home over time. It can be affected by all kinds of events—from property renovations to changes in the housing market.
A fixed-rate mortgage is a home loan that has a constant interest rate for the life of the loan. Fixed-rate mortgages are typically offered in 10-, 15-, and 30-year terms—giving homebuyers the security of a predictable monthly payment. Shorter-term fixed-rate loans typically carry the lowest interest rates and are more desirable if you're comfortable handling a larger monthly payment.
At Mortgage Passport, we focus on residential lending. We offer a variety of loans to refinance your home and offer home equity lines of credit through our division Equity Passport.
Mortgage Passport currently lends in 25 US states and the District of Columbia. These states include AZ, CA, CO, CT, DC, GA, IA, IL, IN, KY, MA, MD, MI, MN, MO, NC, NH, NJ, NY, OR, PA, SC, TN, VA, WA, WI.
Typically, the monthly payment includes the principal and interest of the loan, also known as P&I. In addition, you will need to pay taxes and insurance, which vary based on location and other factors.
A loan term is the length of time over which the loan is to be repaid. The most popular type of loan terms are 30- and 15-year term loans.
A cash-out refinance is when a mortgage is refinanced for more than the outstanding balance—converting home equity into cash. Cash-out refinancing can be a great way to free up money for outstanding debt, college tuition, a vehicle purchase or home improvements.
A refinance replaces an existing mortgage with a new one, and may have a new rate and term. A refinance may be used to lower a monthly payment, change the term of the loan, or pay off or consolidate existing home loan(s) and other debts. Because a refinance transaction is a brand new loan, new documents have to be prepared and filed with the County Recorders office as well as updated title work and lien research performed.
Any document that includes the mortgagee clause should be as follows:
Third Federal Savings & Loan
Association of Cleveland
ISAOA, ATIMA
PO Box 39068
Solon, OH 44139
Here's what you may have to pay when you close on a mortgage loan:
- Down Payment: Cash paid towards the purchase of a home.
- Private Mortgage Insurance (PMI): Required insurance to protect the mortgage lender against losses. This cost may change based on your credit score.
- Closing Costs: These are typical costs associated with obtaining a mortgage.
- Prepaid Interest: Interest paid to cover the number of days remaining in the month you close. (Amount may change based on final closing date.)
- Title Insurance: Amount paid to protect against losses resulting from claims by others against your new property.
- Points: An optional one-time amount paid by you to lower your interest rate for the life of the loan.
- Real Estate Taxes: Amount of funds collected for future tax payments. A reserve is collected at closing (escrow).
There is no fee for a preapproval application.
Once we provide your official loan estimate and you convey your intent to proceed, there is a $325 deposit in order to retain your 60- day commitment. At the time your loan closes, this deposit will be applied to any closing costs, pre-paid costs or third party fees.
If you cancel or withdraw your purchase loan application, the application fee deposit is non-refundable. However, if your purchase application is denied, your application deposit will be refunded.
Still have questions? For more information please call our Customer Care line at 1-833-733-4727 or visit our Contact Us page for more ways to get in touch.
