Educational Archives | Page 6 of 8 | Garden State Home Loans | NJ

Investment loan

Definition: investment loan An investment loan is an amount of money lent to finance a project.

Primary Loan

Definition: Primary loan A primary loan is the first loan that a borrower takes out on a piece of collateral.

Refinance (home loan)

Definition: refinance (home loan) Getting a new mortgage to replace the original one is known as refinancing, and is done... read more →

USDA Loan

Definition: USDA Loan A USDA loan is a zero down payment mortgage that is made available to rural and suburban... read more →

VA Loan

Definition: VA Loan A VA loan is a mortgage loan program provided to help veterans and their families obtain home... read more →

income

Definition: income Income is the money received, on a regular basis, for work performed.

creditworthiness

Definition: creditworthiness Creditworthiness is the valuations of borrowers by lenders that determines the possibility a borrower may default on their... read more →

asset

Definition: asset An asset is a property owned by a person that is regarded to have value and can meet... read more →

loan application

Definition: loan application A loan application is a document the provides information, financial and otherwise, about the borrow that lenders... read more →

lender

Definition: lender A lender is any organization, individual, or public group that makes funds available with the stipulation that the... read more →

closing costs

Definition: closing costs Closing costs are the fees paid at the time of the closing of a real estate transaction.

mortgage rate lock

Definition: mortgage rate lock A mortgage rate lock is an agreement between the borrower and lender that allows the borrower... read more →

rental property

Definition: rental property A rental property is a property which the owner receives payment from tenants in return for using... read more →

rent

Definition: rent (verb) To pay someone for the use of something or occupancy of somewhere.

property tax

Definition: property tax A property tax is a levy on the value of the property by government authority.

buyer (home)

Definition: (home) buyer A home buyer is a person who is looking to purchase a new home.

zoning laws

Definition: zoning Zoning is the regulation of the use of real estate property by local government, restricting property to residential,... read more →

condo

Definition: condo Short for condominium, a condo is on of a group of housing units, in which each homeowner has... read more →

Seller

Definition: (home) seller A (home) seller is the person who puts a home on the market for sale.

What does HUD stand for?

Definition: HUD The United States Department of Housing and Urban Development, otherwise known as the HUD, is a Cabinet department... read more →

Property address

Definition: property address The property address is a way to define or pinpoint where a piece of property is located.

What are processing fees?

Definition: processing fee A processing fee is a fee charged to process a loan application, including applications for credit checks,... read more →
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