What is a 5/1 mortgage?

Answer Mortgages are loans used to build or buy a home. A 5/1 mortgage is a type of hybrid mortgage, mixing some features of a fixed rate mortgage and some of an adjustable rate mortgage, also known as an... Read More »

Top Q&A For: What is a 5/1 mortgage

What Do Mortgage Companies Charge When a Home Mortgage Is Paid Off?

Selling or refinancing a home usually involves paying off an existing mortgage. In calculating a payoff, which will satisfy and zero out the balance, all unpaid fees and interest must be included, ... Read More »

What is the difference between a mortgage and a second mortgage?

A mortgage is a home loan. There are numerous types of home loans. However, the two most often procured are first and second mortgages. Each type of mortgage has different rules and regulations.Sig... Read More »

Who Do You Talk With to Get an Interest-Only Mortgage Changed to a Fixed Rate Mortgage?

Interest-only mortgages are considered to be one of the riskiest types of home loans on the market. If you have an interest-only loan, you can take the necessary steps to convert it into a fixed ra... Read More »

Does Saxon Mortgage have a grace period for mortgage payments?

According to Saxon's website, the mortgage lender does have a grace period for mortgage payments. If a borrower goes past his grace period, Saxon assesses a late fee. The company offers online paym... Read More »