Good Faith Estimate (GFE)
The form that lists the settlement charges the borrower must pay at closing, which the lender is obliged to provide the borrower within three business days of receiving the loan application.
Popular Mortgage Terms
A lenders requirements regarding how information about income and assets must be provided by the applicant and how it will be used by the lender. The following categories have evolved in ...
The provision of the U.S. tax code that allows homeowners to deduct mortgage interest payments from income before computing taxes. Points and origination fees are also deductible, but not ...
A contract provision that adjusts the payment on an ARM periodically to make it fully amortizing. ...
Deceptive practices used by mortgage loan providers and other participants in the mortgage process. Scams by Loan Providers: Lenders and mortgage brokers may employ a number of tricks ...
Loan applications that are withdrawn by borrowers, because they have found a better deal or for other reasons. ...
One or more persons who hove signed the note and are equally responsible for repaying the loan. When One Co-Borrower Has Much Better Credit than the Other: A problem that arises frequently ...
The party who services a loan, who may or may not be the lender who originated it. ...
Same as term Qualification: The process of determining whether a prospective borrower has the ability to repay a loan. ...
A lender who offers mortgage loans directly to the public. ...
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