Programs offered by some lenders under which a borrower who is able to secure a
grant or gift equal to 2% of the down payment will only have to provide a 3% down payment from their
own funds.
The definition of an assumable mortgage is what happens when a buyer assumes or takes over a mortgage that the seller contracted. This is a type of financial arrangement that passes an ...
A second mortgage offered at preferential (subsidized) terms to those who qualify.
For example, a labor union may offer members who are first-time home buyers a silent second to
finance ...
A clause in the note that allows the lender to demand repayment of the balance in full. A demand clause is even better (for the lender) than an acceleration clause. An acceleration clause ...
Refinancing for an amount in excess of the balance on the old loan plus settlement costs. When the main objective of a refinancing is to raise cash, the relevant question is whether the ...
Wondering what is the best lease purchase mortgage definition?A lease purchase mortgage is a financing option that allows potential homebuyers to lease a property with the option to ...
Are you like “OMG! I forgot my mortgage payment! What happens now? Will I have to pay double the value I had to pay?! Are the cops coming to get my house?!”
Calm down. ...
Paying points for a lower interest rate is a trade off between paying money now versus paying money later. A point - equaling 1% of the total loan amount - is an upfront fee that reduces ...
The time is here: you decided you will buy a home. Congratulations!
But soon after you get motivated to do, conscience kicks in and makes you ask yourself: how much income do I need to buy ...
All foreclosures have the same cause - missed payments. Financial difficulties come without notice. You may lose your job overnight, your business may no longer fight with the competition, ...
To understand what is a subprime mortgage, we need to talk about the subprime definition. Subprime means something that is not in the best conditions and, in this scenario, it refers to a ...
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