Estate — The ownership interest an individual holds in real property. Both FHA and conventional loans can be had for very little down! Lien — A legal claim by one party against the property of another as security for a debt.
A deed of trust or mortgage is obtained, depending on the state in which the borrower will reside. This value is often expressed as an increment above the initial loan rate. As noted, FHA home loans have become insanely popular.
Chain of title The history of all of the documents that transfer title to a parcel of real property, starting with the earliest existing document and ending with the most recent. Contingency A condition that must be met before a contract is legally binding. Escrow Fee — These costs cover the preparation and transmission of all home purchased-related documents and funds.
Lock noun — The period, expressed in days, during which a lender will guarantee a rate. I owned a home two years ago but have been renting since. Can I do that? Lender — The bank, mortgage company, or mortgage broker offering the loan.
Conversion Fee Applies Credit Loan — A credit loan is a mortgage that is issued on only the financial strength of a borrower, without great regard for collateral. Why Work with Ideal Home Loans? Mortgage insurers are on board with the program.
It is a lot like the HomeReady program. Of course, a credit score is pretty dismal…and you should certainly strive for better, even if you are able to qualify for an FHA loan.
No-Cost Loan — A no-cost loan can either be: It can also be a loan in which the mortgagee receives partial ownership of the property being financed.
Interest Rate Swap — A transaction between two parties, in which each agrees to exchange payments tied to different interest rates or indices for a specified period of time.
Condominium hotel A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned.
And remember that non-FHA mortgage insurance is cancellable. Whether you're looking for a quick solution or require a complete outsourced mortgage processing solution, MortgagePro is the answer.
The site allows lenders to post rates via point ranges. Delinquency — Late- or non-payments of principal, interest, taxes, or insurance.
I Index — A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments such as one- three- and five-year U.First Colony Mortgage has served the lending needs of Utah residents since As a mortgage banker, First Colony Mortgage offers many advantages over other lenders.
Mohave State Bank and Country Bank are full service banks serving individuals, businesses and professionals in throughout Arizona. With over 16 years of experience, Ideal Home Loans is here to make the mortgage process much easier.
Whether you’re buying or refinancing, our salaried Lending Specialists will walk you through the entire home loan process from beginning to end, determining which mortgage is right for you.
The Best Arizona & Colorado Mortgage Company. Credit Loan – A credit loan is a mortgage that is issued on only the financial strength of a borrower, without great regard for collateral.
Credit-Loss Ratio – The ratio of credit-related losses to the dollar amount of MBS outstanding and total mortgages owned by the corporation. Credit Rating – Borrowers are rated by lenders according to the borrower’s credit-worthiness or risk profile.
Adjustable Rate Mortgage: A mortgage loan with an interest rate that can change at any time, usually in response to the market or Treasury bill rates. By Op-Ed Writer: Stacey Sprain, NAMP®-CALP. Mortgage Loan Processor Job Description: The primary function of the Loan Processor is to ensure the timely and accurate packaging of all loans originated by our loan cheri197.comsibilities include: Gather information and take each file from pre-approval to .Download