Sub-Prime Lender
Definition of "Sub-Prime Lender"
A lender who specializes in lending to sub-prime borrowers.
Popular Mortgage Terms
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 ...
An interest rate index that is used on some ARMs. ...
The date on which the closing occurs. On a purchase transaction, there is no financial advantage to the buyer/borrower in closing on any day of the month, as compared to any other day. ...
A lender who specializes in lending to sub-prime borrowers. ...
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 ...
Fixed rate Mortgage is a type of loan that maintains a specified interest rate for the lifetime (or maturity) of the mortgage.According to the Federal National Mortgage Association, ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
The dollar amount of interest paid each month. The interest payment is the same as interest due so long as the scheduled mortgage payment is equal to or greater than the interest due. ...
A borrower who doesn't pay. ...
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