Glossary of mortgage terms
WebBorrower (or Mortgagor) - An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. Broker - A person who is licensed to handle property transactions and acts as … WebMar 20, 2024 · 26. Equity. A percentage of the home’s value owned by the homeowner. 27. Escalation clause. A clause or addendum to a real estate contract or offer that …
Glossary of mortgage terms
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WebA mortgage with periodic payments that do not fully amortize the loan. The outstanding balance of the mortgage is due in a lump sum at the end of the term. Bridge Loan A short-term loan secured by the equity in an as-yet-unsold house, with the funds to be used for a down payment and/or closing costs on a new house. WebNov 1, 2024 · An adjustable-rate mortgage, or ARM, is a mortgage with an interest rate that changes during the life of the loan according to movements in an index rate. Common types of ARMs include 3/1 ARMs, 5/1 ARMs …
WebDec 2, 2024 · GLOSSARIES. Whether communicating in English or another language, using accurate and consistent terminology can improve the mortgage process for all parties … WebMortgage Term Glossary The mortgage world is filled with jargon and terms that might not make sense to the outside world. Or maybe the vernacular isn't terribly difficult, but you need a refresher. Whatever the reasoning, this section will help you brush up on your mortgage-related terminology. Apply For A Loan Apply For Home Loan
WebDeed of Trust. A legal document in which the borrower transfers the title to a 3rd party (trustee) to hold as security for the lender. When the loan is paid in full the trustee transfers title back to the borrower. If the borrower defaults on the loan the trustee will sell the property and pay the lender the mortgage debt. WebGlossary of Terms — no i t aeci Ar pp The increase in a property’s value over time. ARM (Adjustable-Rate Mortgage) — A mortgage in which rate changes according to a …
WebAny change to the terms of a mortgage loan, including changes to the interest rate, loan balance or loan term. Mortgage. A loan used to purchase or refinance a home. The … dr molly heft neal ann arborWebLearn about terms used in the mortgage industry and throughout the mortgage loan process. This guide defines common mortgage terms. dr molly hester lexington kyWebSep 13, 2015 · The amount the borrower is obliged to pay each period, including interest, principal, and mortgage insurance, under the terms of the mortgage contract. Paying less than the scheduled amount results in delinquency. On most mortgages, the scheduled payment is the fully amortizing payment throughout the life of the loan. cole buick gmc cadillac - portageWeb2/1 Buy Down Mortgage: The 2/1 Buy Down Mortgage allows the borrower to qualify at below market rates so they can borrow more. The initial starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term. dr molly hartzlerWebA mortgage loan with a set maximum borrowing limit that fits guidelines set by Fannie Mae and Freddie Mac, including requirements on income and credit. This type of mortgage typically has a lower mortgage rate and is considered to be a low-risk. (Please clarify with mortgage team, various meanings to this term) dr molly hillWebAug 20, 2014 · Aug 20, 2014. Welcome to the realtor.com® mortgage terms glossary, featuring 47 frequently used words and phrases you need to know as a home buyer or a homeowner. (Some definitions contain ... cole burstonWebterm is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months. Annual Percentage Rate (APR): The cost of a … dr molly hawke