*The due date may not be changed for the term of the loan.
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Your equity is the difference between what is owed on the home and what the home is worth. If your loan is one to two years old, you can use the current principal balance and the appraised value at the time of purchase. On older loans, you can use the
current principal balance and current market value to figure your equity. You can obtain current market values from your tax assessment, a realtor or a comparable property sale in your area.
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Sending us a copy of the document supporting a name change (marriage certificate, divorce decree, Quit Claim Deed) will allow us to change how your name appears on your account.
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We cannot add a spouse to a loan, but you can share interest on the property with a spouse by executing what is called a "Quit Claim Deed." This deed would transfer the property from your name to you and your spouse. You can obtain a Quit Claim
Deed at a stationery store carrying legal forms or a title company.
In a divorce situation, removing an ex-spouse from having interest and liability on a mortgage can only be done through refinancing your loan, or a release of liability assumption. IHFA does not refinance loans, but we can process an assumption upon
receiving a written request for a release of liability assumption and a copy of the divorce decree.
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The principal balance is the amount remaining on the original loan. The payoff amount includes not only the principal balance but also daily interest since the last payment made was due. In most cases, when completing a loan application or credit
information, the principal balance will work. If your loan is actually paying off, the title company handling the closing will contact us for a payoff statement.
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We have a payment option called Speedpay available if you make your payments from a checking account. You can call us with your checking account information and we print a check in our office and deposit that check as though it was sent by you. We can
also date the check for the day you want it deposited. This payment method can also be used at the end of the month to avoid a 30-day delinquency on your account.
Speedpay is free if done over the internet, and $10 if you call us to have it done.
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Within your coupon book, there is an application for automatic payment withdrawal. The slip has a stop sign on one side and basic account information we need on the other side. If you return that slip with a voided check or deposit slip from your
account, we set your payment to be automatically deducted on the 7th or the 16th of each month. If the 7th or the 16th falls on the weekend, the payment would be drafted on the following Monday. This service is free of charge.
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Yes. There are two types of loans that have lower payments for the first two-three years. One type is called an "IQ" loan that has an interest rate which begins at a rate lower than the note rate for the first three years. Then in year four,
the rate increases once for the remaining term of the loan. These loans have an attachment to the note stating the beginning rate and change rate.
The other type is a "buydown" loan that has a fixed interest rate, but has a monthly "credit" applied to payments. The monthly "credit" changes each year for the first two years on the loan. Beginning with the third year, the
buydown funds are exhausted and the monthly payment levels out (except for changes in the property tax and insurance amounts). A document called a Buydown Agreement is signed at closing with the Deed of Trust and Note.
Home owners with these types of loans will see the payment adjustment on their payment coupons. Payment change letters are also sent to borrowers with "IQ" interest rate adjustments.
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