A mortgage that does not meet the purchase requirements of the two
federal agencies, Fannie Mae and Freddie Mac, because it is too large or for other reasons, such as
poor credit or inadequate documentation.
The standards imposed by lenders in determining whether a borrower can
be approved for a loan. These standards are more comprehensive than qualification requirements in
that they include ...
Protection for a borrower against the danger that rates will rise between the
time the borrower applies for a loan and the time the loan closes. Rate protection can take the form
of a ...
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 ...
An option attached to a mortgage, which allows the borrower to pay only the interest for some period. A mortgage is 'interest only' if the monthly mortgage payment does not include any ...
Requirements stipulated by the lender that the ratio of housing expense to
borrower income and the ratio of housing expense plus other debt service to borrower income cannot
exceed ...
A payment made by a lender to a mortgage broker for delivering an above-par
loan. A par loan is one on which the lender charges zero points. Lenders charge points on loans
carrying ...
A mortgage broker who sets a fee for services, in writing, at the
outset of the transaction and acts as the borrower's agent in shopping for the best deal. Customers
of UMBs pay the ...
Total costs charged to the borrower that must be paid at closing, by the
borrower, the home seller, or the lender. In dealing directly with a lender, settlement costs can be
divided into ...
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 ...
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. ...
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 ...
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, ...
This calculator figures your principal balance after any number of payments. Input the beginning principal amount, interest rate, length of the loan, and the number of payments to analyze. ...
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