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
Advice on where to go to get a mortgage. A borrower can always select a loan provider by throwing a dart at the Yellow Pages. A referral is of value if it raises the probability of a ...
Administering loans between the time of disbursement and the time the loan is fully paid off. Servicing includes collecting payments from the borrower, maintaining payment records, ...
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. ...
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 particular combination of loan, borrower, property, and transaction characteristics that lenders use in setting prices and underwriting requirements. ...
A lender who delivers loans to another (usually larger) lender against prior price commitments the larger lender has made to the correspondent. Mortgage brokers sometimes evolve into ...
A bundle of mortgage characteristics that lenders view as comprising a distinct category. The characteristics used include whether it is an FRM, ARM, or Balloon, the term, the initial ...
The interest rate used to calculate the mortgage payment. The interest rate and the payment rate are often the same, but they need not be. They must be the same if the payment is fully ...
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 ...
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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