Builder-Financed Construction
Having the builder borrow the money needed for construction.
Popular Mortgage Terms
The largest loan size permitted on a particular loan program. For programs where the loan is targeted for sale to Fannie Mae or Freddie Mac, the maximum will be the largest loan ...
A plan purporting to protect FHA homebuyers against property defects. ...
A computer-driven process for informing the loan applicant very quickly, sometimes within a few minutes, whether the application will be approved, denied, or forwarded to an underwriter. ...
A rate lock, plus an option to reduce the rate if market interest rates decline during the lock period. ...
A mortgage loan for 125% of property value. Since such loans are only partly secured, they have many of the characteristics of unsecured loans, including relatively high interest rates. ...
You’ve certainly heard a lot about Credit Score and might even have a general idea about its meaning, but if you came to this page you still have some doubts about what is a credit ...
A particular combination of loan, borrower, property, and transaction characteristics that lenders use in setting prices and underwriting requirements. ...
An interest rate index that is used on some ARMs. ...
A contract provision that adjusts the payment on an ARM periodically to make it fully amortizing. ...
Have a question or comment?
We're here to help.