Total Expense Ratio
Definition of "Total Expense Ratio"
The ratio of total housing expense to borrower income. This ratio is used (along with other factors) in qualifying borrowers.
Popular Mortgage Terms
Housing expense plus current debt service payments. ...
An agreement between a mortgage borrower in distress and the lender that allows the borrower to sell the house and remit the proceeds to the lender. A short sale is an alternative to ...
Same as term Lead Generation Site: A mortgage Web site designed to provide leads to lenders. A 'lead' is a packet of information about a consumer in the market for a loan. Lenders pay ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
In general, a Down payment is a one-time payment a buyer makes to diminish the risks of the seller of expensive goods like a car, or a house. In Real Estate, the home buyer makes a down ...
A government-owned or -affiliated lender that makes home loans directly to consumers. With minor exceptions, government in the U.S. has never loaned directly to consumers, but housing banks ...
A loan with no down payment. ...
Also called variable or flexible rate mortgage, an adjustable rate mortgage (ARM) is a mortgage where the interest rate is not constant, but changes over time by the mortgage lender. ...
A multi-lender Web site that offered borrowers the capacity to shop among multiple competing lenders. ...
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