Sub-Prime Lender
Definition of "Sub-Prime Lender"
A lender who specializes in lending to sub-prime borrowers.
Popular Mortgage Terms
A documentation requirement where the applicant's assets are not disclosed. ...
Rates and points quoted by loan providers. You cannot safely assume that mortgage price quotes are always timely, niche-adjusted, complete, or reliable. Timeliness: Most mortgage lenders ...
Prices that assume a more or less standardized set of transaction characteristics that generally command the lowest prices. Generic prices are distinguished from transaction specific ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
A loan eligible for purchase by the two major federal agencies that buy mortgages, Fannie Mae and Freddie Mac. Conforming mortgages cannot exceed a legal maximum amount, which was $322,700 ...
When a borrower has difficulty making the scheduled payment. Position of the Lender: A good place to start is by understanding the position of the lender. A game plan for survival ...
Mortgages delivered using the Internet as a major part of the communication process between the borrower and the lender. ...
The period over which the borrower is obliged to make payments. On most mortgages, the payment period is a month but on some it is biweekly. It is not necessarily the same as the Interest ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
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