Waiver Of Escrows
Definition of "Waiver of Escrows"
Authorization by the lender for the borrower to pay taxes and insurance directly. This is in contrast to the standard procedure, where the lender adds a charge to the monthly mortgage payment that is deposited in an escrow account, from which the lender pays the borrower's taxes and insurance when they come due. On some loans lenders will not waive escrows, and on loans where the waiver is permitted lenders are likely either to charge for it in the form of a small increase in points or to restrict it to borrowers making a large down payment.
Popular Mortgage Terms
Same as term Mortgage Company: A mortgage lender that sells all the loans it originates in the secondary market. ...
On an ARM, the assumption that the interest rate rises to the maximum extent permitted by the loan contract. ...
The amount of interest, expressed in dollars, computed by multiplying the loan balance at the end of the preceding period times the annual interest rate divided by the interest accrual ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
A lender who delivers loans to another (usually larger) lender against prior price commitments the larger lender has made to the correspondent. Mortgage brokers sometimes evolve into ...
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, ...
Someone recommended you should reach out to Freddie Mac and you came here looking for him. No, he's not a registered real estate agent at The OFFICIAL Real Estate Agent Directory ...
The period until the last payment is due. The maturity is usually but not always the same as the period used to calculate the mortgage payment. ...
An ARM on which the lender has the right to change the interest rate at any time, for any reason, by any amount, subject only to a requirement that the borrower be notified in advance. The ...
Have a question or comment?
We're here to help.