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Many homeowners are surprised to receive a letter stating that their mortgage servicer has changed. Financial institutions that issue mortgages are permitted to sell loans or to transfer the rights to service mortgages to other financial institutions without borrowers consent. That doesnt mean the homeowner has done anything wrong or that there is anything to worry about.

How and Why Mortgages Change Hands
A mortgage originator works with borrowers to set up a mortgage, while a mortgage servicer takes care of administrative tasks, such as collecting payments and handling escrow accounts. Many mortgage originators dont service loans. In those instances, after a borrower has obtained a mortgage, its quickly sold to a mortgage servicer. In some cases, a mortgage is owned by Fannie Mae, Freddie Mac or the Federal Housing Administration, not by the mortgage originator or servicer.

Mortgage lenders have a limited amount of money that they can lend to borrowers. They sometimes sell mortgages to free up credit so they can then issue mortgages to other homebuyers. Lenders may also sell mortgages to earn commissions. Sometimes a mortgage lender sells loans or the right to service them, but not ownership of the loans.

What to Expect If Your Mortgage Servicer Changes
The old servicer is usually required to notify customers at least 15 days before the effective date of transfer. The new servicer is usually required to provide a notice of transfer within 15 days after the effective date of the transfer. Sometimes both servicers send a combined notice at least 15 days before the effective date of transfer.

The new loan servicer must provide information on the transfer and how to contact the company. When you receive your first mortgage statement from the new loan servicer, review it to make sure all the information is accurate.

The new servicer may have different procedures and paperwork, but that doesnt mean that the terms of your loan will change. If you have a fixed-rate mortgage, your monthly payments will only go up or down if your property taxes or private mortgage insurance change. Those have nothing to do with which company services your loan. The change in loan servicer just means that you will be sending your payments to a different company.

Lenders typically dont give their customers any advance notice before a mortgage servicer changes. If you were in the process of modifying or refinancing your loan when the change occurred, you might not have to start over from scratch, but you should always keep accurate records to prevent problems and delays.

Dont Panic
Many homeowners, particularly first-time owners, are shocked and confused when they find out that their loan servicer is about to change. The fact is, this happens all the time. If you have a new loan servicer, the old servicer made a business decision that had nothing to do with you personally and that will have a minimal effect on you.

Published with permission from RISMedia.

How many times in your life have you talked about the appeal of a house and mentioned the plumbing?

Thats why, when youre prepping your house for sale, you probably dont give the subject much thought. As long as there are no leaks and no noises coming from the sink, the plumbing probably wont be an issue with anyone looking to buy your home.

Still, that doesnt mean you should ignore plumbing when putting your house up for sale.

A potential buyer might think to check and that means flushing all the toilets, turning on all the faucets and checking out the showerhead. And maybe theres a slight problem that you have learned to live with through the years, but its enough of a buzzkill to end any hope of this buyer placing a bid.

Additionally, you may have buyers who are skilled in home improvement look under the cabinets for leaks or checks for water spots around key areas. The last thing you want is for a sale to be ruined because you didnt take the time to fix a simple plumbing issue.

Before allowing people into your home, make sure you have strong water pressure and that there are no stains on any of the porcelain. If you have a difficult stain to remove, hire a local house cleaning company on a one-time basis, as they often have the materials to make the stains go away.

If you do nothing else, take care of any leaks in your plumbing system, as these can be an instant deterrent for buyers. You should also check as much of your plumbing as possible for corrosion or rust. Be sure to thoroughly check any plumbing thats easily accessible, since potential buyers will likely be checking for signs of any problems here, too.

If your house has more than one story, a buyer might look at ceilings to check for water stains from leaking pipes. Even if the problem had been fixed long ago, make sure to paint the ceiling so no alarm bells go off.

You should also make sure that sinks and tubs are draining easily, and if not, there are plenty of un-clog solutions you can buy at your local supermarket. It couldnt hurt to clean the drain yourself of any hairs or debris.

Prospective homeowners tend to focus on things where they can use their hands, so make sure that all the hot and cold water knobs are easy to turn and that the faucets do not leak. If they do, replace the washers.

The look is important as well. Having nice shiny fixtures makes an impression and it doesnt cost much to replace them. Matching faucets for the different bathrooms in your home will also give the house a polished, finished appearance.

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So, you rent an apartment, house or condo and you want to get a pet? The lease that you signed when you first moved in will most likely give you whatever information you need about the pet policy. If not, or if you still have questions, you can reach out to your landlord. However, some landlords are against allowing tenants to have an existing pet or bring a new one into their rental space.

Before you make the choice of buying or adopting a furry friend, communicate with your landlord to be sure you arent going against your lease or their wishes and prevent the possibility of conflict. Here are some tips for getting your landlord on the same page when it comes to allowing pets in your rental.

Talk to the Landlord
This is a great first step, especially before signing a lease. You can discuss your options, whether you already have a pet or if youre looking to get one. Directly ask if pets are allowed and if there are any restrictions. Some landlords allow only cats, no dogs. Some allow both, with exceptions to specific breeds. If you already own a dog, maybe a shepherd for example, but a rental property only allows small dogs and cats, you may be denied. If you dont have a dog, but hope to add one to your family in the next year, consider the breed and ask your landlord.

If you are already signed onto a lease, but unsure of the guidelines, make the call. Even if there are rules laid out in your lease, there is no harm in discussing and renegotiating.

Prove Yourself
Prior to discussing these terms in a rental you already live in, be sure to have tangible proof that you are not only a great tenant, but will continue to be as a pet owner. Collect references, from the vet, previous landlords, even your neighbors whose dog you watched when they were away. The more backup you have, the better. If a landlord can read a letter from”or have a conversation with”a reliable source that can assure them you are a responsible pet owner, they will be more inclined to allow them.

Also, providing current credit reports and other paperwork showing you pay bills on time and have a handle on your finances can be a big help. Keeping the property clean, no noise complaints and good relationships with neighbors are also great ways to show that you are a responsible and trusted tenant and will continue to be with a pet.

Ask Them to Meet the Pet
Most animal adoption agencies require or ask that you meet the animal prior to bringing it home. Take this opportunity to invite your landlord to meet the pet you are interested in. Send a link to the website listing and any other information you may have on the animal to your landlord and even create a pet resume with images, breed and size expectations, as well as any medical history and obedience training.

If your landlord sees how much research and care you have taken just to show them this animal, it may also show them the care and attention you will give it once its in your home. Remember, asking to meet the animal and providing them with extensive information is not a guarantee that they will allow pets.

Offer to Pay a Deposit
When landlords decide to allow pets, there is usually some sort of extra deposit needed. Though this varies for each individual landlord, additional monthly charges may be added to your rent, as well as a contract you need to sign making you responsible for all damages and repairs due to your pet. However, if you offer this up first, it may work in your favor.

If your original lease makes a blanket statement of no pets allowed or security deposit required with no other details, do some research. Talk to neighbors in your area and even talk to a real estate agent to get a better idea of what an average deposit or additional monthly payment looks like. Offer this to your landlord to show that you are willing to pay them more to add a new member to your family.

Under no circumstances should you try to sneak a pet without discussing it with your landlord. If your lease strictly states that no pets are allowed or that written consent from the landlord is needed, you can be legally required to get rid of your pet, end your lease or get evicted, losing any and all security deposits.

Though you may not get the answer or solution you had hoped for, there are many other rentals out there that will allow a furry friend.

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Whats worse than finding a huge spider lurking in the corner or a line of ants under the fridge? Finding that a rodent has made its way into your apartment. Take these steps when you find a mouse:.

First, Tell Your Landlord
If you live in a rental, notify your landlord or property manager as soon as you can, as they will want to take care of it as much as you do. They may call in a professional to clean up and seal off any points of entry for future visitors.

Locate Point of Entry
Its just as important to figure out how the mouse got in as it is to get it out. Check common areas where mice tend to enter, such as cracked window sills or foundations, exterior doors (especially to basements) and piping. Be sure all doors to the outside stay closed when they arent being used.

Close Off Holes
Once you locate the areas where mice may enter, patch or close it off to reduce the risk of more mice, or any other little critters, from exploring the inside of your apartment. Installing screens on all windows is a good way to ensure they cant be used as a point of entry.

Set & Check Traps
There are many different types of mouse traps and bait on the market, so you shouldnt be short of options here. Be sure to place them in areas where you find mouse droppings, dark corners and behind large pieces of furniture. Keep a constant eye on the traps, as a mouse who gets stuck can urinate and attract other rodents, spread diseases or stink up your entire home.

Keep it Clean
Make sure food is kept in sealed containers to reduce attracting rodents. If you drop crumbs or accidently spill something, clean it immediately. Wipe down counters and dont let dirty dishes pile up in the sink. Remember to take trash out, especially when its full of food.

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Buying a home is full of numbers, including the all-important down payment and interest rate on the loan. The process also includes a lot of terms you may not be familiar with, especially if its the first home youre buying.

Your real estate agent, escrow officer and other experts who are guiding you along the way can help a lot. It can also help to know some mortgage terms ahead of time, which can make shopping for an agent and a home a little easier.

Here are some common mortgage terms youre likely to hear during the home-buying process, and what they mean:

Amortization:
The gradual reduction of the mortgage debt through regularly scheduled payments over the term of the loan.

Annual percentage rate:
Abbreviated as APR, this measures the cost of credit in a yearly rate. It includes the stated interest rate and certain charges.

Appraisal:
Written estimate or opinion of a propertys value prepared by a qualified appraiser. The appraisal amount should be close to the cost youre paying for the home to help make getting a loan easier.

Debt-to-income ratio:
Relationship between borrowers total monthly debt payments, including new housing expenses and gross monthly income. Its used to determine how much of a mortgage a borrower qualifies for. The less debt, the better. The maximum ratio is 43 percent, though below 36 percent is preferable. That means that 36 percent of your income goes toward debt and living expenses.

Escrow:
Something of value (money or documents) that is deposited with a third party to be delivered when the condition of the contract is delivered. Escrow can be used, for example, to deposit funds with an attorney or escrow agent to be disbursed upon the closing of a real estate sale.

Mortgage insurance:
Insurance that protects lenders against losses if a borrower defaults on a home loan. Its typically required if the down payment is less than 20 percent of the purchase price.

Prequalification:
A preliminary assessment by a lender of the amount it will lend to a potential buyer. It isnt an approval of credit and doesnt signify that underwriting requirements have been met.

Principal:
Amount of money owed on a loan, excluding interest. Making this monthly payment reduces the balance of the mortgage.

Underwriting:
Part of the loan process where its decided if a loan will be provided to a potential homebuyer. It is based on credit, employment, assets and other factors to assess risk and match it to an appropriate rate and loan amount.

Published with permission from RISMedia.