Streamlined Loan Documents Reduce Mortgage Closing CostsBy Karen Lawson
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Fannie Mae and Freddie Mac have announced the implementation of master mortgage/deed of trust documents and short-form mortgage and deed of trust forms.
New Mortgage Documents Save Time and MoneyMortgage lenders may record a master mortgage form within a specific area, typically a county, where they provide new home loans. The master form indicates the terms shared by a group of mortgage loans. It includes the name of the lender, interest rate, length of mortgage, payment adjustment schedules if applicable, and other mortgage terms. The individual short-form mortgage or deed of trust is made a part of the master document, and includes your name(s) as borrower(s), and property information. You'll receive a copy of the master document and short- form mortgage/deed of trust after recording. Here are some details:
About the Author
Karen Lawson is a freelance writer with extensive experience in mortgage banking. She holds BA and MA degrees in English from the University of Nevada, Reno.
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