A couple of good questions on refinancing. Will it make sense to refinance if I'm planning to sell the property soon? Probably not faced by most homeowners but definitely worth to read.
What is the loan modification and how you can use this government program to help the mortgage payment.
Balloon loan payments – bankrate.com
With a traditional mortgage, each monthly payment comprises principal plus interest. In the early years of the loan, most of the payment goes for interest. Gradually, more and more of the monthly payments go toward principal. At the end of the term, the loan is completely repaid. This process of paying principal and interest until the loan is paid off is called amortization.
Rights of rescission – bankrate.com
Maybe you found better credit terms or you got cold feet. A provision of the Truth in Lending Act gives you the right to cancel certain real estate loans within three business days without penalty. It is called the right of rescission.
PMI or Piggyback Loan? – realestate.yahoo.com
Homeowners who make a down payment of less than 20 percent are usually required to pay private mortgage insurance (PMI), because they are considered to be at higher risk of default. PMI premiums are typically around half a percent of the interest rate, which is about $83 a month on a $200,000 mortgage.