Price Gouging
Definition of "Price Gouging"
Charging unwary borrowers interest rates and/or fees that are excessive relative to what the same borrowers could have found had they shopped the market.
Popular Mortgage Terms
A lender that holds the loans it originates in its portfolio rather than selling them. ...
Charging unwary borrowers interest rates and/or fees that are excessive relative to what the same borrowers could have found had they shopped the market. ...
Refinancing for an amount in excess of the balance on the old loan plus settlement costs. When the main objective of a refinancing is to raise cash, the relevant question is whether the ...
Wondering who is this Fannie Mae person that your real estate agent always mentions when the subject about mortgage is brought up? Fannie Mae is not a person, nor a Woody Allen female ...
Also called variable or flexible rate mortgage, an adjustable rate mortgage (ARM) is a mortgage where the interest rate is not constant, but changes over time by the mortgage lender. ...
A borrower, usually refinancing rather than purchasing a home, who allows a lock to expire when interest rates go down in order to lock again at the lower rate. ...
A second mortgage on a property that is not paid off when the first mortgage is refinanced. The second mortgage lender must allow subordination of the second to the new first mortgage. ...
The definition of credit risk is at the core of lending. Banks lend money to businesses and individuals and expect to recover the principal and win interest. Banks offer a variety of loans, ...
The definition of a reverse mortgage is important for homeowners 62 and older who want to supplement their retirement income. What exactly is a reverse mortgage? Some say that it is the ...
Comments for Price Gouging
Can they sell your mortgage to someone when ur husband is dying and keeps raising up mortgage?
Sep 08, 2020 18:45:45Hey, Marie! We are sorry to hear about your situation. Unfortunately, federal banks allow financial institutions to sell mortgages and service rights to other institutions without the consumer's consent. However, the terms and conditions of the contract don't change even if the loan is sold. This means that interest rate, payment amount, and loan type remain the same and the only thing that changes is the address you send the payments to.
Sep 16, 2020 03:53:49Have a question or comment?
We're here to help.