December 01 2018
This is a document that is provided if an applicant (borrower) already has a mortgage and is needed when a borrower is looking to switch or refinance their mortgage. It is supplied by the homeowner’s current lender detailing the financial standingof the mortgage. This includes the balance, the interest rate, time remaining as well as other pertinent information.
Lenders need it to know what the remaining balance is on your mortgage.It is integral in determining the principal that must be repaid to the current lender when switching or refinancing.
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