Same as term housing expense. The sum of the monthly mortgage payment,
hazard insurance, property taxes, and homeowner association fees. Housing expense is sometimes
referred to as PITI, ...
A computer-driven process for informing the loan applicant very quickly, sometimes within a few minutes, whether the application will be approved, denied, or forwarded to an underwriter. ...
The period over which the interest due the lender is calculated. The interest accrual period may or may not correspond to the payment period. On the annual accrual mortgages in the UK, ...
A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property. Unless the lender also agrees, however, ...
The difference between the price posted to its loan officers by a lender or mortgage
broker and the price charged the borrower. Loan officers who work for lenders or mortgage brokers ...
A written document evidencing the lien on a property taken by a lender as security for
the repayment of a loan. The term 'mortgage' or 'mortgage loan' is used loosely to refer both to the ...
The provision of the U.S. tax code that allows
homeowners to deduct mortgage interest payments from income before computing taxes. Points and
origination fees are also deductible, but not ...
Discover your potential monthly savings by combining your bills into a single source. Eliminate high interest rate credit card and installment loans with a tax deductible (consult you tax ...
Wondering what is the effect of paying extra principal on a mortgage – if there’s any?
Well, it actually does have a big effect and – if you do have available funds to do ...
Are you like “OMG! I forgot my mortgage payment! What happens now? Will I have to pay double the value I had to pay?! Are the cops coming to get my house?!”
Calm down. ...
The time is here: you decided you will buy a home. Congratulations!
But soon after you get motivated to do, conscience kicks in and makes you ask yourself: how much income do I need to buy ...
To understand what is a subprime mortgage, we need to talk about the subprime definition. Subprime means something that is not in the best conditions and, in this scenario, it refers to a ...
Paying points for a lower interest rate is a trade off between paying money now versus paying money later. A point - equaling 1% of the total loan amount - is an upfront fee that reduces ...
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