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
An independent contractor who offers the loan products of multiple lenders, called wholesalers. Mortgage brokers do not lend. They counsel borrowers on any problems involved in qualifying ...
The frequency of rate adjustments on an ARM after the initial rate period is over. The rate adjustment period is sometimes but not always the same as the initial rate period. As an example, ...
USDA loans are a form of government-backed financing for both first-time home buyers and move up buyers looking for a second or third property. These loans have little to do with ...
The amount invested in a house, equal to the sale price less the loan amount. The House Investment Decision: Lenders impose the upper limit on how much a household can spend for a house. ...
The period you must retain a mortgage in order for it to be profitable to pay points to reduce the rate. ...
The assumption of a mortgage, with permission of the lender, from a borrower unable to continue making the payments. ...
Assuming responsibility for someone else's payment obligation in the event that that party defaults. ...
A document that evidences a debt and a promise to repay. A mortgage loan transaction always includes a note evidencing the debt, and a mortgage evidencing the lien on the property. ...
A revers mortgage program administered by Fannie Mae. ...
Have a question or comment?
We're here to help.