After mortgage approval: switching lenders, foreclosure, and tax breaks

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Mortgages: Home Loans on the Web

Buying a first home is an important milestone in anyone's life. But even if it's your fifth home purchase, the financial jargon and seemingly endless paperwork involved in getting a mortgage can overshadow the excitement of owning your new home. On the Web you'll be able to find resources that help you understand what a mortgage is and how it works; decide which type of mortgage works best for you; find a reputable lender; and even understand what happens after you get your loan. For a Spanish-language version of the Guide, click here.

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How does a mortgage work?

It would be nice if getting a mortgage were as simple as asking for one and then getting a check in ... read more »

Choosing the right type of mortgage

Choosing the right type of mortgage can be as important as choosing the right home. Instead of ... read more »

Applying for a home loan

Once you have found your dream home you want to be able to move in as quickly as possible; ... read more »

After mortgage approval: switching lenders, foreclosure, and tax breaks

Once you cross all those t's and dot the i's on your mortgage paperwork, you can finally enjoy your new home, right? Well, there are a few things that can happen after you've closed on your mortgage: You can take advantage of tax breaks on the interest; your mortgage can be sold to another lender; you can refinance; and if you miss enough payments you can go into foreclosure. To make sure that you are prepared for all of these post-closing possibilities, we've assembled a collection of sites that explain and assist you with any of these issues.

Dulcinea's Insight

Discuss issues like foreclosure and prepayment with your lender before you close on your mortgage so that you know what penalties, if any, you will incur for late (or sometimes early) payment.

After foreclosure, you are occasionally entitled to money back from the principal you have paid. Check with your lender to see if this applies to you.

Dulcinea's Picks

If your mortgage is sold to another lender ...

Bankrate.com's "Mortgage Basics" has a chapter about your mortgage after closing. Here you'll find out what happens when your mortgage provider sells your mortgage, why your payments might change, and information about refinancing and prepaying.

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For information about tax breaks associated with your mortgage ...

The Internal Revenue Service has a question-and-answer page that tells you what parts of your mortgage payments (if any) you are allowed to deduct on your tax return.

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For information about foreclosure ...

The U.S. Department of Housing and Urban Development has compiled a list of questions and answers useful for understanding the process of foreclosure and how to prevent it. Read through the page for advice on dealing with an impending foreclosure, numbers to call for help and assessment, and a first look at some of your possible options.

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The Legal Assistance Resource Center of Connecticut also explains the foreclosure process but includes a very useful section concerning specific steps along the way. Look over the sample documents to see what sample complaints and motions really look like.

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