Stated Assets
Definition of "Stated Assets"
A documentation rule where the borrower discloses assets and their source but the lender does not verify the amount.
Popular Mortgage Terms
The lender's risk that, between the time a lock commitment is given to the borrower and the time the loan is closed, interest rates will rise and the lender will take a loss on selling ...
The assumption of a mortgage, with permission of the lender, from a borrower unable to continue making the payments. ...
A plan purporting to protect FHA homebuyers against property defects. ...
Programs offered by some lenders under which a borrower who is able to secure a grant or gift equal to 2% of the down payment will only have to provide a 3% down payment from their own ...
Same as term Points: An upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., '3 points' means a charge equal to ...
Allowing the interest rate and points to vary with changes in market conditions, as opposed to 'locking' them. Floating may be mandatory until the lender's lock requirements have been met. ...
The period between payment changes on an ARM, which may or may not be the same as the interest rate adjustment period. ...
Loan applications that are withdrawn by borrowers, because they have found a better deal or for other reasons. ...
A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them. ...
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