Temporary Lender
Definition of "Temporary Lender"
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them.
Popular Mortgage Terms
The party who services a loan, who may or may not be the lender who originated it. ...
A borrower with the best credit rating, deserving of the lowest prices that lenders offer. ...
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 ...
An option attached to a mortgage, which allows the borrower to pay only the interest for some period. A mortgage is 'interest only' if the monthly mortgage payment does not include any ...
Equations used to derive common measures used in the mortgage market, such as monthly payment, balance, and APR. ...
During the great depression of the 1930s, the government stepped in and came with an innovative loan to help the banking industry recover, thus putting the whole economy back on track. FHA ...
Same as term Mortgage Company: A mortgage lender that sells all the loans it originates in the secondary market. ...
A second mortgage on a property that is not paid off when the first mortgage is refinanced. The second mortgage lender must allow subordination of the second to the new first mortgage. ...
The highest rate possible under an ARM contract; same as 'lifetime cap.' It is often expressed as a specified number of percentage points above the initial interest rate. ...
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