Pre-Qualification
Definition of "Pre-Qualification"
Same as term Qualification: The process of determining whether a prospective borrower has the ability to repay a loan.
Popular Mortgage Terms
The present value of a house, given the elderly owner's right to live there until she dies or voluntarily moves out, under FHA's reverse mortgage program. ...
A mortgage on which interest is calculated daily based on the balance on the day of payment, rather than monthly, as on the standard mortgage. ...
The interest rate adjusted for intra-year compounding. Because interest on a mortgage is calculated monthly, a 6% mortgage actually has a rate of .5% per month. If there were no principal ...
Having the builder borrow the money needed for construction. ...
A reverse mortgage program administered by FHA. ...
The period until the last payment is due. The maturity is usually but not always the same as the period used to calculate the mortgage payment. ...
Same as term Mortgage Company: A mortgage lender that sells all the loans it originates in the secondary market. ...
A documentation rule where the borrower discloses income and its source but the lender does not verify the amount. ...
The method of financing used when a borrower contracts to have a house built, as opposed to purchasing a completed house. Construction can be financed in two ways. One way is to use two ...
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