Junk Fees
Definition of "Junk Fees"
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount.
Popular Mortgage Terms
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 ...
Fees collected by a loan officer from a borrower that are lower than the target fees specified by the lender or mortgage broker who employs the loan officer. An underage is the opposite ...
A plan purporting to protect FHA homebuyers against property defects. ...
The lowest interest rate possible under an ARM contract. Floors are less common than ceilings. ...
A lender that provides loans through mortgage brokers or correspondents. ...
A revers mortgage program administered by Fannie Mae. ...
The total cash required of the home buyer/borrower to close the purchase plus loan transaction or the loan transaction on a refinance. Required cash includes the down payment, points and ...
Rates and points quoted by loan providers. You cannot safely assume that mortgage price quotes are always timely, niche-adjusted, complete, or reliable. Timeliness: Most mortgage lenders ...
A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them. ...
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