You are required to have enough insurance to cover the lower of either the replacement cost of the home or the remaining principal balance on your loan.

Mortgage assistance is a general term that covers a variety of programs and solutions intended to help homeowners who are experiencing financial difficulty and having trouble making their mortgage payment. What kind of assistance options are available if I cannot pay my mortgage?

What is an escrow account? An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month. When will you analyze my escrow account?

We’ll send you an Escrow Review Statement that explains the results of the escrow analysis. Your statement will inform you whether your monthly payment is going up or going down in the year ahead, based on this year’s tax and insurance payments.

Mortgage insurance protects the investor or noteholder if the borrower defaults on the loan. It lowers the investor’s risk when funding a home loan. In most cases, if you pay at least 20% down on your home, you’re not required to carry mortgage insurance.

Get Pre-Approved for a Mortgage Learn how much home you can qualify to purchase by getting pre-approved for a mortgage loan

What Is a Pre-Approval? It’s a letter from a lender that indicates the type and amount of loan you may qualify for. It gives you a solid idea of how much you qualify for to help you target a specific price range when home shopping. Mr. Cooper offers a simple, fast, and free Pre...

Learn how much insurance you need to cover your home and loan, and which types of insurance are required or optional for your property. Find out how to pay for insurance through your escrow account and what to do if you live in a high-risk area.

As a buyer, you only pay for the portion of the tax period that you own the home. So, if your new loan starts December 1st, you’ll typically only owe for only that month and the previous owner will pay 11 months’ worth of taxes at closing.

Each loan option is made up of 3 elements: 1. Loan Term. This represents how long you have to repay your loan. The most common loan terms are 30 years and 15 years, but there may be other durations depending on your loan type and other factors.