Define: qualified mortgage Definition: A qualified mortgage is a category of loans that have certain, more stable features that help make... read more →
Define: primary mortgage market Definition: Primary mortgage market is the entities involved in originating a mortgage loan including mortgage brokers and lenders.
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 →
Define: premium pricing Definition: Premium pricing is a credit from a lender for the interest the interest rate chosen. Premium pricing... read more →
Define: net worth Definition: Net worth is assets minus liabilities.
Define: mortgage lender Definition: A mortgage lender is a lender providing funds for a mortgage. They can also manage financial information... read more →
Define: mortgage investors Definition: Mortgage investors are individuals or companies that purchase mortgages after the closing.
Define: mortgage broker Definition: A mortgage broker is a person that renders origination services and serves as the intermediary between a borrower and... read more →
Define: leverage Definition: Leverage is the use of borrowed funds to increase yield.
Define: lender credits Definition: Lender credits a credit that a lender may offer a borrower to help with closing costs. The lender... read more →
Define: junior lien Definition: A junior lien is a loan that is subordinate to a primary loan, such as a second or... read more →
Define: interest Definition: Interest is the fee charged for the use of money.
Define: high priced mortgage loan Definition: A high priced mortgage loan is a mortgage loan with an APR 1.5 percent high than... read more →
Define: high interest rates Definition: High interest rates are rates that exceed a specified threshold and require HOEPA disclosures.
Define: high cost mortgage loan Definition: A high cost mortgage loan is a mortgage loan where the APR exceeds the Average... read more →
Define: fully indexed rate Definition: The fully indexed rate is the interest rate calculated using the index value and margin at... read more →
Define: fraud alert Definition: A fraud alert is a statement in the file of a consumer that notifies all prospective users... read more →
Define: finance charge Definition: A finance charge is the total amount of interest and loan charges a borrower would pay... read more →
Define: federal mortgage loan Definition: A federal mortgage loan is a mortgage loan the provides full or partial government reimbursement to approved... read more →
Define: escrow account Definition: An escrow account (also known as an impound or reserve account) is an account that a mortgage servicer establishes... read more →
Define: entitlement Definition: Entitlement is the amount of money the VA promises to pay back the lender in case the borrower... read more →
Define: eminent domain Definition: An eminent domain is the condemnation of private property for public good.
Define: easement Definition: An easement is a right to the use of/access to land owned by another.
Define: disintermediation Definition: Disintermediation is the withdrawal of funds from savings accounts and into stocks, bonds, and real estate.
Define: discount points Definition: Discount points are a percentage of the loan amount paid to the lender to buy down the... read more →
Define: delinquent loan Definition: A delinquent loan happens when a mortgage payment in late.
Define: Constructive notice Definition: A constructive notice is a notice which is recorded in public records.
Define: creditor Definition: A creditor is any person or business who arranges for the extension, renewal, or continuation of credit.
Define: conveyance Definition: Conveyance is the act of transferring ownership interest in real property from one party to another. Additionally, conveyance refers... read more →
Define: consumer credit Definition: Consumer credit is a debt that a person incurs when purchasing a good or service. Consumer credit includes... read more →
Define: borrower capacity Definition: Borrower capacity is the borrower's ability to make their mortgage payments on time. This depends on income... read more →
Define: Chattel Mortgage Definition: A chattel mortgage is a mortgage on a personal property.
Define: average prime offer rate Defintion: An average prime offer rate (APOR) is the annual percentage rate that is derived from average... read more →
Define: What is an assumable mortgage? Definition of assumable mortgage: An assumable mortgage is a mortgage loan that can be taken over... read more →
Define: What does a real estate appraiser do? Definition: An appraiser is the individual performing the appraisal. When the property is... read more →
Define: Actual Notice Definition: An actual notice is a notice which is not recorded in public records.
As children, we all dreamed of having our very own treehouse, and the lucky ones had their dreams fulfilled. As... read more →
Modern trends are always changing and evolving and have a great impact on home design. Today's generation is embracing what... read more →
Unfortunately, hurricane season is inevitable. Here's a hurricane preparedness checklist to keep handy in the event a storm is headed... read more →
After two years of house hunting, Jay-Z and Beyoncé have finally found their dream home! A 30,000 square foot Bel... read more →
Many people desire to own a home not only to invest in a property, but also to create priceless memories... read more →
The home buying process is a fun and exciting time, however it requires time and focus. Consider listening to music... read more →
Banks vs Brokers With a variety of home-financing options available, purchasing a home is a confusing process. It may be... read more →
What is the HMDA? The Home Mortgage Disclosure Act (HMDA) was passed into U.S. law in 1975 and mandates that... read more →
Mortgage Brokers vs Lenders: The Differences Both mortgage brokers and mortgage bankers play a role in helping you get a... read more →