September 2017 | Garden State Home Loans | NJ

What is PMI?

What is PMI? Private Mortgage Insurance (PMI) is an insurance policy that protects lenders against loss if borrowers stop paying... read more →

Mortgage Overlays

Mortgage overlays are company specific rules that a lender must follow. These are on top of the published guidelines for... read more →

Florida Wineries

Florida is known for many things: great beaches, warm weather, Disney World, and so much more! Wine might not be... read more →

Deck Designs

A deck is a special feature on a home that gives homeowners an outdoor space to entertain or relax. There's... read more →

assigned loan

Define: assigned loan Definition: An assigned loan is the transfer of ownership from one person to another.

dwelling

Define: dwelling Definition: A dwelling is a residential structure that contains one to four units, whether or not that structure is attached... read more →

non-conforming loan

Define: non-conforming loan Definition: A non-conforming loan is a loan that does not conform to Federal National Mortgage Association (FNMA) or Federal... read more →

non-traditional mortgage

Define: non-traditional mortgage Definition: A non-traditional mortgage is a residential mortgage loan product that allows borrowers to defer repayment of principal and,... read more →

Should You Escrow?

One of the most important decisions when buying a house is how you will pay your insurance and property taxes... read more →

underwriting

Define: underwriting Definition: Underwriting is the process used to determine loan approval. It involves evaluating the property and the borrower's credit and... read more →

tolerance

Define: tolerance Definition: Tolerance  is the degree to which state closing costs can vary between the Loan Estimate and the Closing... read more →

third party providers

Define: third party providers Definition: Third party providers are settlement providers other than the lender including the title company, hazard insurance company,... read more →

subprime mortgage

Define: subprime mortgage Definition: A subprime mortgage is a loan that is meant to be offered to prospective borrowers with impaired credit records.... read more →

subordination definition

Define: subordination Definition: Subordination is the act of lowering the priority of a mortgage lien.

subordinate loans

Define: subordinate loans Definition: Subordinate loans are any mortgage priority than the first mortgage. This includes a second mortgage at the time... read more →

settlement

Define: settlement Definition: A settlement is the process of completing a loan transaction at which time the mortgage documents are signed and... read more →

secondary market

Define: secondary market Definition: The secondary market is the market in which mortgage loan and mortgage-backed securities are bought and sold.

residential mortgage loans

Define: residential mortgage loans Definition: A residential mortgage loan is a mortgage on the consumer's dwelling to finance the acquisition or initial... read more →

referral

Define: referral Definition: A referral is any oral or written action directed by a person in order to influence the selection of... read more →

rate lock agreement

Define: rate lock agreement Definition: A rate lock agreement is an agreement in which an interest rate is locked in or guaranteed... read more →

qualified mortgage

Define: qualified mortgage Definition: A qualified mortgage is a category of loans that have certain, more stable features that help make... read more →

primary mortgage market

Define: primary mortgage market Definition: Primary mortgage market is the entities involved in originating a mortgage loan including mortgage brokers and lenders.

prepaids

Define: prepaids Definition: Prepaid expenses may include property taxes, homeowner's insurance, and mortgage interest that will accrue before the first mortgage payment... read more →
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