Does a bank have to accept a mortgage?

Answer A bank does not have to accept your application for a mortgage. Banks have their own process for determining whether you are a creditworthy borrower, which includes looking at your credit score, em... Read More »

Top Q&A For: Does a bank have to accept a mortgage

Does private mortgage insurance vary from bank to bank?

The amount a borrower will have to pay for private mortgage insurance varies from bank to bank. Most often, the amount of the payment is between 0.5 percent and 1 percent of the total amount of the... Read More »

How long does a bank have to hold a repossessed mortgage before they can sell it?

State laws govern banks. Borrowers must be given a chance to "cure the default" on a mortgage before property can be repossessed, and notice to foreclose must be delivered and officially recorded. ... Read More »

What does a participant on the account mean in a US Bank mortgage?

A participant on the account in a mortgage refers to an investor who has bought into a mortgage or pool of mortgages. Each investor receives payments of principal and interest from those mortgages.... Read More »

How long does it take a bank to decide a mortgage loan?

While the initial mortgage loan preapproval takes one to two business days, full approval for a mortgage takes between three and six weeks. The variance in time depends on the number of loans the l... Read More »