The standards imposed by lenders in determining whether a borrower can
be approved for a loan. These standards are more comprehensive than qualification requirements in
that they include an evaluation of the borrower's creditworthiness.
Compiling and maintaining the file of information about the transaction, including the
credit report, appraisal, verification of employment and assets, and so on. Mortgage brokers usually ...
A lender commitment to make a mortgage loan to a specified borrower, prior to the
identification of the property that will be mortgaged. On a pre-approval, unlike a pre-qualification,
the ...
All the combinations of interest rate and points that are offered on a
particular loan program. On an ARM, rates and points may also vary with the margin and interest rate
maximum. ...
The interest rate adjusted for intra-year compounding. Because interest on a mortgage
is calculated monthly, a 6% mortgage actually has a rate of .5% per month. If there were no principal ...
The maximum allowable ratio of loan-to- value (LTV) on any loan
program. Generally, these are set
by mortgage insurers or by lenders and can range up to 100%, although some programs will ...
RealEstateAgent.com calculator estimates the tax benefit of buying a home. Input your loan parameters and the month you purchased the home. Since home interest and points are captured in ...
Wondering what is the best lease purchase mortgage definition?A lease purchase mortgage is a financing option that allows potential homebuyers to lease a property with the option to ...
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 ...
This calculator figures your principal balance after any number of payments. Input the beginning principal amount, interest rate, length of the loan, and the number of payments to analyze. ...
All foreclosures have the same cause - missed payments. Financial difficulties come without notice. You may lose your job overnight, your business may no longer fight with the competition, ...
Find a Real Estate Agent
Read why Real Estate Agent rates 5 Stars in over 20 Agents Reviews
Have a question or comment? We're here to help.