There's no official equation to calculate a monthly cost of living. However, there are some unofficial indexes offered by different... read more →
The first-time homebuyer tax credit is a special tax credit program meant for a specific group of homebuyers: those who... read more →
Fixed rate mortgages are mortgage loans with interest rates that do not fluctuate throughout the entirety of the loan. Fixed... read more →
As fun and exciting as purchasing a house can be, it can take a toll on new homeowners. When someone... read more →
What is a ‘Tax Credit’? A tax credit is an amount of money taxpayers can subtract from their taxes owed... read more →
What is a right of rescission? A right of rescission is the legal right which gives a borrower the right... read more →
For most people, having a million dollars is a thing of fantasy and imagination. When we think of millionaires, we... read more →
What is HELOC? A Home Equity Line Of Credit, or HELOC, is a line of credit extended to a homeowner... read more →
When applying for a loan, you might get a little overwhelmed with all the different loan types. Two loan types... read more →
An Overview of Composting For thousands of years, humans have been composting in efforts to improve our soil, food, and... read more →
If your mortgage application gets denied, do not worry. There are still many opportunities to pursue a future mortgage. Mortgage... read more →
Several first-time home buyers struggle with a down payment when looking to purchase a home. It's not easy for everyone... read more →
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 →