This is not determined by the number of payments you make, it is determined by how much equity you have in the home. If the home is worth more than the outstanding balance on the mortgage, you may be...
A mortgage broker does not lend their own money on the day of closing. They serve as an intermediary between the borrower and the actual lender. They are being paid for their expertise in placing...
Mortgage lenders provide the actual money for the loan and take homeowners through the funding/approval process. Mortgage lenders may sell your mortgage to an investment bank after it is funded, and...
If there is a lien on the title to the property, it would have to be satisfied for the seller to give "good and marketable title" to the buyer.
I have never heard of a situation where a payoff could...
The lender will have the title to the property examined to disclose any outstanding encumbrances. It does not rely on your honesty on the loan application. They will then contact you to say, "Mr....