Solutions to Common Mortgage Issues

Solutions to Common Mortgage IssuesA few months ago the Consumer Financial Protection Bureau (CFPB) shed some light on the common frustrations that consumers have with financial companies. Out of total of 8,000 criticisms, nearly 25 percent of them showed their discontent with mortgage borrowing. In addition to Connecticut Home Insurance, this advice can help to identify and minimize lending service grievances.

Loan Officer Never Received your Payment- Most lenders allow a 30 day window to receive payment until reporting a missed payment to the credit bureau. What’s more, most lenders provide a grace period between 10 and 15 days before imposing a late fee, according to Kiplinger. To avoid paying a penalty, send an “error notice” to your lender with your personal information and explain the circumstances. In turn, the lender will have 5 business days to acknowledge your statement and 30 days to resolve the dispute.

Taxes and Insurance Spiked- While increased premiums and property taxes are a likely culprit of this issue, this may be a result of your lender inaccurately estimating annual expenditures. If the escrow account is short at the end of the year, you may choose to pay the difference in full or over the course of the following year. Conversely, if there is too much in the account, the servicer will apply it to your next payment or send you a check, says Kiplinger.

You Have Enough Equity to Cancel Private Mortgage Insurance, but Lender Won’t Respond- Give the lender 30 days to respond. If they do not reply by then, contact them directly again or file a formal complaint with the CFPB.

Your “Good Faith” APR Terms Changed Right Before Closing- The APR can only change one-eighth of a percent at most. In addition, the lender’s fees are never permitted to change from the original good faith estimate.

At Byrnes Agency, we strive to protect your most valuable investments. Our experts will work with you to determine the proper coverage that is fitting the value of your home and assets. To learn more about our operations, contact us today at one of our three locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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