Minimum Down Payment
The minimum allowable ratio of down payment to sale price on any loan program. If the minimum is 10%, for example, it means that you must make a down payment of at least $10,000 on a $100,000 house or $20,000 on a $200,000 house. The minimum down payment ratio is equal to one minus the maximum LTV. If the maximum LTV is 95%, for example, the minimum down payment is 1 - .95 = .05, or 5%.
Popular Mortgage Terms
A lender offering loans on the Internet who provides mortgage shoppers with the information they need to make an informed decision before applying for a mortgage and guarantees them ...
Compiling and maintaining the file of information about the transaction, including the credit report, appraisal, verification of employment and assets, and so on. Mortgage brokers usually ...
A lender that provides loans through mortgage brokers or correspondents. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
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A documentation rule where the borrower discloses income and its source but the lender does not verify the amount. ...
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Using a brokers time and expertise to become informed and creditworthy, then jumping to the Internet to get the loan. ...
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 ...
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