Payment Adjustment Cap
Limit on the size of payment change on an adjustable rate mortgage.
Popular Mortgage Terms
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 ...
A documentation requirement where the applicant's income is not disclosed. ...
One or more persons who hove signed the note and are equally responsible for repaying the loan. When One Co-Borrower Has Much Better Credit than the Other: A problem that arises frequently ...
The interest rate or rates and upfront fees paid to the lender and mortgage broker. Some upfront charges are expressed as a percent of the loan, and some are expressed in dollars. The ...
A documentation rule where the borrower discloses income and its source but the lender does not verify the amount. ...
The party who services a loan, who may or may not be the lender who originated it. ...
Fees assessed by lenders when payments are late. Late fees are usually 4% or 5% of the payment. A borrower with a 6% mortgage for 30 years who pays a 5% late charge every month raises his ...
The amount the borrower is obliged to pay each period, including interest, principal, and mortgage insurance, under the terms of the mortgage contract. Paying less than the scheduled ...
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them. ...
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