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
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 amount invested in a house, equal to the sale price less the loan amount. The House Investment Decision: Lenders impose the upper limit on how much a household can spend for a house. ...
A measure of interest cost on a reverse mortgage. ...
The option to convert an ARM to an FRM at some point during its life. ...
A documentation rule where the borrower discloses assets and their source but the lender does not verify the amount. ...
Same as term Interest Rate: The rate charged the borrower each period for the loan of money, by custom quoted on an annual basis. A mortgage interest rate is a rate on a loan secured by a ...
A lender that holds the loans it originates in its portfolio rather than selling them. ...
An interest rate index that is used on some ARMs. ...
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. ...
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