Mortgage Question & Tip of the Day
Mortgage Question & Tip of the Day
Effective August 1, 2008, Fannie Mae is instituting a 2-year waiting period before someone who sells their house in a short sale can qualify for a loan that will be sold to Fannie Mae. Currently, there are no guidelines regarding how long a buyer must wait after a short sale. There will be no exceptions to this rule for extenuating circumstances.
Today's agent question:
Q: If someone wants to make an additional principal payment, should they write a separate check or just include the extra amount in their regular mortgage payment?
A: It is a good idea to write a separate check, only because many mortgage payments are processed electronically. If the check is for a larger amount than it should be, the system may not know what to do with the extra payment, and it may not be credited correctly.