Primary Residence
Definition of "Primary Residence"
The house in which the borrower will live most of the time, as distinct from a second home or an investor property that will be rented.
Popular Mortgage Terms
Someone authorized by the original credit card holder to use the holder's card. While authorized users are not responsible for paying any charges, including their own, they are sometimes ...
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan at term. ...
A lender that holds the loans it originates in its portfolio rather than selling them. ...
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 ...
Belief that there is a special way to pay down the balance of a home mortgage faster, if you know the secret. ...
A transaction in which interest is not paid on interest there is no compounding. For example, if you deposit $1,000 in an account that pays 5% a year simple interest, you would receive ...
Having the builder borrow the money needed for construction. ...
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. ...
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