Mortgage Program
A bundle of mortgage characteristics that lenders view as comprising a distinct category. The characteristics used include whether it is an FRM, ARM, or Balloon, the term, the initial rate period or the index on an ARM, whether it is FHA-insured or VA-guaranteed, and if it is not FHA or VA whether it is 'conforming' (eligible for purchase by Fannie Mae or Freddie Mac) or 'non-conforming.'
Popular Mortgage Terms
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them. ...
A contribution to a borrower's down payment or settlement costs made by a home seller, as an alternative to a price reduction. ...
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 ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
A mortgage on which the interest rate is adjustable based on an interest rate index, and the monthly payment adjusts based on a wage and salary index. Dual index mortgages are not written ...
A revers mortgage program administered by Fannie Mae. ...
The process of determining whether a prospective borrower has the ability to repay a loan. Qualification Versus Approval: To be approved for a loan, a prospective borrower must ...
Loan applications that are withdrawn by borrowers, because they have found a better deal or for other reasons. ...
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