Required Cash
The total cash required of the home buyer/borrower to close the purchase plus loan transaction or the loan transaction on a refinance. Required cash includes the down payment, points and fixed dollar charges paid to the lender, any portion of the mortgage insurance premium that is paid upfront, and other settlement charges associated with the transaction such as title insurance and per diem interest.
Popular Mortgage Terms
On an ARM, the assumption that the interest rate rises to the maximum extent permitted by the loan contract. ...
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 mortgage lender that sells all the loans it originates in the secondary market. ...
A variety of unsavory lender practices designed to take advantage of unwary borrowers. Predatory lending covers much the same ground as Mortgage Scams and Tricks/Scams by Loan Providers. ...
Refinancing that omits some of the standard risk control measures and is therefore quicker and less costly. The rationale for streamlined refinancing is that, while it is an entirely new ...
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 ...
A mortgage that does not meet the purchase requirements of the two federal agencies, Fannie Mae and Freddie Mac, because it is too large or for other reasons, such as poor credit or ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
A revers mortgage program administered by Fannie Mae. ...
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