What costs are associated with a new mortgage under the Hope for Homeowner's Act?

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What costs are associated with a new mortgage under the Hope for Homeowner's Act?

If you are approved for a new mortgage under the Hope for Homeowner's act, the new mortgage will replace all of the current mortgages on your home. You will not owe any payments, fees or debts on mortgages you now hold. However, you must agree to share both the equity created at the beginning of this new mortgage and a portion of any future appreciation in the value of your home. In addition to an upfront mortgage insurance payment of 3%, you will pay a 1.5% annual mortgage insurance premium on your outstanding mortgage balance. This premium will be included in your monthly payments. Finally, you will need to pay closing costs on the loan. You will receive a Good Faith Estimate of these costs.

Other Consumer Finance and Foreclosure FAQs

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