The maximum allowable ratio of loan-to- value (LTV) on any loan
program. Generally, these are set
by mortgage insurers or by lenders and can range up to 100%, although some programs will go above
100%.
The assumption that the index value to which the interest rate on an ARM is tied follows the same pattern as in some prior historical period. In meeting their disclosure obligations in ...
A short-term loan, usually from a bank, that 'bridges' the period between the closing of a home purchase and the closing of a home sale. To qualify for a bridge loan, the borrower must have ...
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 document that evidences a debt and a promise to repay. A mortgage loan
transaction always includes a note evidencing the debt, and a mortgage evidencing the lien on the
property. ...
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 ...
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 ...
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 ...
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 ...
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. ...
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 ...
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