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
A documentation requirement where the applicant's income is not disclosed. ...
A collateralized debt obligation, also known as CDO, defines a complex financial product. Various loans, mortgages, bonds, and valuables back this commodity, and institutional investors ...
A borrower who must use tax returns to document income rather than information provided by an employer. ...
Housing expense plus current debt service payments. ...
Total costs charged to the borrower that must be paid at closing, by the borrower, the home seller, or the lender. In dealing directly with a lender, settlement costs can be divided into ...
A mortgage on which half the monthly payment is paid every two weeks. This results in 26 payments per year, which is the equivalent of 13 monthly payments rather than 12. Because of the ...
A condominium project with features that lenders view as favorable in terms of their risk exposure on loans secured by individual condo units. The requirements of warrantability include ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
A revers mortgage program administered by Fannie Mae. ...
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