A documentation option where the applicant's income is disclosed and verified but
not used in qualifying the borrower. The conventional maximum ratios of expense to income are not
applied.
A borrower who does not meet the underwriting requirements of mainstream
lenders. Sub-prime borrowers pay more than prime borrowers and are sometimes taken advantage of. ...
A particular combination of loan, borrower, property, and transaction
characteristics that lenders use in setting prices and underwriting requirements. ...
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 ...
A provision of a loan contract stipulating that if the property is sold the loan balance must be repaid. A mortgage containing a due-on-sale clause is not assumable. This prevents a home ...
When a borrower has difficulty making the scheduled payment. Position of the
Lender: A good place to start is by understanding the position of the lender. A game plan for
survival ...
A mortgage that can be moved from one property to another. Ordinarily, you
repay your mortgage when you sell your house and take out a new mortgage on the new home you
purchase. With a ...
To understand what is a subprime mortgage, we need to talk about the subprime definition. Subprime means something that is not in the best conditions and, in this scenario, it refers to a ...
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 ...
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, ...
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 ...
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