The process of raising cash periodically through successive cash-out
refinancings.
This is a scam initiated by mortgage brokers that victimizes wholesale lenders, with the connivance
of borrowers.
Points paid by a lender for a loan with a rate above the rate on a zero point
loan. For example, a lender might quote the following prices: 8%/0 points, 7.5%/3 points, 8.75%/-2.5
points. ...
Adjustable rate mortgages on which the interest rate is mechanically determined based on the value of an interest rate index. Indexed ARMs are distinguished from Discretionary ARMs, in that ...
A professional with knowledge of real estate markets and skilled in the practice of appraisal. When a property is appraised in connection with a loan, the appraiser is selected by the ...
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 lender commitment to make a mortgage loan to a specified borrower, prior to the
identification of the property that will be mortgaged. On a pre-approval, unlike a pre-qualification,
the ...
The highest rate possible under an ARM contract; same as 'lifetime cap.' It is often expressed as a specified number of percentage points above the initial interest rate. ...
A mortgage broker who sets a fee for services, in writing, at the
outset of the transaction and acts as the borrower's agent in shopping for the best deal. Customers
of UMBs pay the ...
Wondering what is the effect of paying extra principal on a mortgage – if there’s any?
Well, it actually does have a big effect and – if you do have available funds to do ...
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, ...
Discover your potential monthly savings by combining your bills into a single source. Eliminate high interest rate credit card and installment loans with a tax deductible (consult you tax ...
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 ...
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 ...
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 ...
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. ...
Find a Real Estate Agent
Read why Real Estate Agent rates 5 Stars in over 20 Agents Reviews
Have a question or comment?
We're here to help.