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
An ARM on which the lender has the right to change the interest rate at any time, for any reason, by any amount, subject only to a requirement that the borrower be notified in advance. The ...
Refinancing that omits some of the standard risk control measures and is therefore quicker and less costly. The rationale for streamlined refinancing is that, while it is an entirely new ...
The house in which the borrower will live most of the time, as distinct from a second home or an investor property that will be rented. ...
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 borrower who doesn't pay. ...
A rate lock, plus an option to reduce the rate if market interest rates decline during the lock period. ...
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
A mortgage lender that sells all the loans it originates in the secondary market. ...
The number of months for which the initial interest rate holds on an ARM. ...
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