The inside of your house being humid can be very uncomfortable but that's not the only reason you should be... read more →
There are a lot of reasons to refinance your mortgage, whether to get a more attractive interest rate or... read more →
While trying to obtain a loan for your new home, your mortgage lender will require a home appraisal. The appraisal's... read more →
A deck is a special feature on a home that gives homeowners an outdoor space to entertain or relax. There's... read more →
Define: assigned loan Definition: An assigned loan is the transfer of ownership from one person to another.
If you are looking to sell your home in the near future, now might be the best time for you... read more →
Define: dwelling Definition: A dwelling is a residential structure that contains one to four units, whether or not that structure is attached... read more →
Define: non-conforming loan Definition: A non-conforming loan is a loan that does not conform to Federal National Mortgage Association (FNMA) or Federal... read more →
Define: non-traditional mortgage Definition: A non-traditional mortgage is a residential mortgage loan product that allows borrowers to defer repayment of principal and,... read more →
One of the most important decisions when buying a house is how you will pay your insurance and property taxes... read more →
Define: 2 1 buydown mortgage Definition: A 2 1 buydown mortgage is a type of mortgage with a set of two... read more →
Define: underwriting Definition: Underwriting is the process used to determine loan approval. It involves evaluating the property and the borrower's credit and... read more →
Define: tolerance Definition: Tolerance is the degree to which state closing costs can vary between the Loan Estimate and the Closing... read more →
Define: third party providers Definition: Third party providers are settlement providers other than the lender including the title company, hazard insurance company,... read more →
Define: subprime mortgage Definition: A subprime mortgage is a loan that is meant to be offered to prospective borrowers with impaired credit records.... read more →
Define: subordination Definition: Subordination is the act of lowering the priority of a mortgage lien.
Define: subordinate loans Definition: Subordinate loans are any mortgage priority than the first mortgage. This includes a second mortgage at the time... read more →
Define: settlement Definition: A settlement is the process of completing a loan transaction at which time the mortgage documents are signed and... read more →
Define: secondary market Definition: The secondary market is the market in which mortgage loan and mortgage-backed securities are bought and sold.
Define: residential mortgage loans Definition: A residential mortgage loan is a mortgage on the consumer's dwelling to finance the acquisition or initial... read more →
Define: referral Definition: A referral is any oral or written action directed by a person in order to influence the selection of... read more →
Define: rate lock agreement Definition: A rate lock agreement is an agreement in which an interest rate is locked in or guaranteed... read more →
Define: qualified mortgage Definition: A qualified mortgage is a category of loans that have certain, more stable features that help make... read more →
Define: primary mortgage market Definition: Primary mortgage market is the entities involved in originating a mortgage loan including mortgage brokers and lenders.
Define: prepaids Definition: Prepaid expenses may include property taxes, homeowner's insurance, and mortgage interest that will accrue before the first mortgage payment... read more →
Define: premium pricing Definition: Premium pricing is a credit from a lender for the interest the interest rate chosen. Premium pricing... read more →
Define: net worth Definition: Net worth is assets minus liabilities.
Define: mortgage lender Definition: A mortgage lender is a lender providing funds for a mortgage. They can also manage financial information... read more →
Define: mortgage investors Definition: Mortgage investors are individuals or companies that purchase mortgages after the closing.
Define: mortgage broker Definition: A mortgage broker is a person that renders origination services and serves as the intermediary between a borrower and... read more →
Define: leverage Definition: Leverage is the use of borrowed funds to increase yield.
Define: lender credits Definition: Lender credits a credit that a lender may offer a borrower to help with closing costs. The lender... read more →
Define: junior lien Definition: A junior lien is a loan that is subordinate to a primary loan, such as a second or... read more →
Define: interest Definition: Interest is the fee charged for the use of money.
Define: high priced mortgage loan Definition: A high priced mortgage loan is a mortgage loan with an APR 1.5 percent high than... read more →
Tiny Houses One of the newest trends sweeping the country is the tiny home movement. Tiny homes, typically under 500 square... read more →
Define: high interest rates Definition: High interest rates are rates that exceed a specified threshold and require HOEPA disclosures.
Define: high cost mortgage loan Definition: A high cost mortgage loan is a mortgage loan where the APR exceeds the Average... read more →
Define: fully indexed rate Definition: The fully indexed rate is the interest rate calculated using the index value and margin at... read more →
Define: fraud alert Definition: A fraud alert is a statement in the file of a consumer that notifies all prospective users... read more →
Define: finance charge Definition: A finance charge is the total amount of interest and loan charges a borrower would pay... read more →
Define: federal mortgage loan Definition: A federal mortgage loan is a mortgage loan the provides full or partial government reimbursement to approved... read more →
Define: escrow account Definition: An escrow account (also known as an impound or reserve account) is an account that a mortgage servicer establishes... read more →
Define: entitlement Definition: Entitlement is the amount of money the VA promises to pay back the lender in case the borrower... read more →
Define: eminent domain Definition: An eminent domain is the condemnation of private property for public good.