Chattel Mortgage Form With Balloon In Fairfax

State:
Multi-State
County:
Fairfax
Control #:
US-0007BG
Format:
Word; 
Rich Text
Instant download

Description

A chattel mortgage is a term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan.
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FAQ

Potential Downsides of Balloon Mortgages for Homebuyers Foreclosure can result in the loss of the home, emotional distress, and impact the borrower's credit negatively, generally for seven years. The first balloon mortgage payments primarily cover the interest rather than the principal.

In Fairfax County and the City of Fairfax, homestead deeds are recorded in the Land Records Division of the Fairfax Circuit Court. The address of the Land Records Division is: Fairfax Circuit Court, 4110 Chain Bridge Road, Suite 317, Fairfax, VA 22030. The telephone number is 703/691-7320 (press 3, then 3).

Definition: The difference between the annual percentage rate (APR) and the average prime offer rate (APOR) as required for HMDA reporting requirements.

HMDA Platform by March 1, 2024. To determine if your credit union must submit HMDA data for calendar year 2023 activity, please review the. 2023 HMDA Institutional Coverage Chart . The NCUA expects every credit union required to report 2023 HMDA data to submit its file to the CFPB by the March 1, 2024, deadline.

Institutions must report the rate spread between the annual percentage rate (APR) and the average prime offer rate for a comparable transaction as of the date the interest rate is set, if the spread is equal to or greater than 1.5 percentage points for first-lien loans, or equal to or greater than 3.5 percentage points ...

Balloon mortgages are short-term loans that begin with a series of fixed payments and end with a final, lump-sum payment. That one-time payment is called a balloon payment because it's often at least twice as much as the previous ones, leaving many borrowers with a final bill for tens of thousands of dollars (or more).

However, the larger balloon payment at the end represents a substantial financial obligation that needs to be carefully planned and managed. Accounting Treatment: The balloon payment is usually recorded as a liability in the financial statements until it becomes due.

In some cases, you may be able to negotiate with your finance provider to spread the balloon payment over monthly instalments – this is essentially what refinancing is. Doing this can help make the payment more manageable and reduce the financial strain of a large lump sum payment.

The downside of balloon payments Although a balloon-payment option can make your monthly payments more affordable, you're taking on extra debt to buy an asset that is depreciating – the value of your vehicle may end up less than the amount still owed.

The traditional mortgage is only for stationary property. It's suited for long-term real estate investments. Chattel loans are for property that can be easily moved. They're also an option for borrowers who want their loans approved faster and with shorter repayment times.

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Following are general guidelines and program requirements intended to assist a lender in completing the form. A balloon loan is a real estate loan where there is a lump sum due at the end of the loan.We buy houses in Fairfax, VA. House Buyers of America will buy your home, in cash, through a painless, simple, and hassle-free process. Virginia FHA loan requirements, loan limits, and mortgage guidelines. We look at what you need to know before choosing an FHA loan in Virginia. What is a loan application? A loan application is a document that buyers who are requesting a loan complete and submit to a lender. The Broker may from time to time engage in the general insurance, title insurance, mortgage loan, real estate settlement, home warranty and other real estate-. Reach out today—let's make your real estate dreams a reality! Struggle with the current form of plan) to fill out.

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Chattel Mortgage Form With Balloon In Fairfax