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 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 request for a loan that includes the information about the potential borrower, the property and the requested loan that the solicited lender needs to make a decision. In a narrower sense, ...
The maximum allowable ratio of loan-to- value (LTV) on any loan program. Generally, these are set by mortgage insurers or by lenders and can range up to 100%, although some programs will ...
Loan applications that are withdrawn by borrowers, because they have found a better deal or for other reasons. ...
Every ARM is tied to an interest rate index. An index has three relevant features:availibility, level, volatility. All the common ARM indexes are readily available from a published source, ...
A mortgage on which the payment rises by a constant percent for a specified number of periods, after which it becomes fully-amortizing. ...
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. ...
The interest rate used in calculating the initial mortgage payment in qualifying a borrower. The rate used in qualifying borrowers may or may not be the initial rate on the mortgage. On ...
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?
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