What is a prepayment penalty, and how can you avoid it?

Yes, we do offer mortgages for the purchase of foreclosed and/or bank-owned properties. However, any required repairs must be completed in a timely manner, and the home must receive a C4 rating or better following its appraisal. We hear you asking: "What is a C4 rating?" In short, a C4 rating is a standardized assessment of a property's condition, born out of a larger initiative to improve the consistency of home appraisals in the United States. "Condition ratings," as they are known, start at C1 and go right through to C6—which designates a property "in need of substantial repairs and rehabilitation." To receive a C4 rating, a home must meet the following conditions: "The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.". Read more

Learn what a mortgage servicer and subservicer do, including how they handle payments, customer support, and other key administrative tasks for your loan. Read more

Learn the minimum credit score for conventional loan approval with Better Mortgage, and see what. Read more