Acceptance of the borrower's loan application. Approval means that the borrower meets the lender's
Qualification Requirements and also its Underwriting Requirements. In some cases, ...
The interest rate used to calculate the mortgage payment. The interest rate and the
payment rate are often the same, but they need not be. They must be the same if the payment is fully ...
The sum of all interest payments to date or over the life of the loan. This is not a good measure of the cost of credit to the borrower because it does not include upfront cash payments and ...
A mortgage loan transaction in which the lender assumes responsibility for
an existing mortgage.
A wrap-around can be attractive to home sellers because they may be able to sell their ...
Same as term Negative Points: 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, ...
An agreement by the lender not to exercise the legal right to foreclose in exchange for an agreement by the borrower to a payment plan that will cure the borrowers delinquency. ...
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 ...
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 ...
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 ...
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 ...
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. ...
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, ...
You saw a property you love and want to buy it, but you have no money to do that. So you ask us how do you buy a house with no money.
Well, that’s a funny question… if you ...
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