Mortgage Loan Terms And Definitions

Loan Approval A loan is considered approved after the lender has reviewed all the documentation and is satisfied that the buyer can meet the terms of a mortgage. Statement of Service Provided by.

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The application process is often fast and streamlined as well. A fixed-rate home mortgage is a classic example of an installment loan. The term of the loan is fixed; 30-year or 15-year terms are.

The VA sets the qualifying standards, dictates the terms of the mortgages offered and guarantees a portion of the loan. VA home loans are provided by private lenders, such as banks and mortgage.

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Box Home Loans offers loans for 15, 20, and 30 year terms on Fixed Rate Mortgages and 5 and 3 year terms on Adjustable Rate Mortgages. Mortgage Insurance An insurance policy intended to protect the lender against the losses that may occur if a borrower defaults on their payments.

What is LOAN SERVICING? What does LOAN SERVICING mean? LOAN SERVICING meaning & explanation GLOSSARY OF COMMERCIAL LOAN TERMS The Fancy Lingo of Commercial Real Estate Finance Translated Into Plain English . Acceleration Clause. The acceleration clause is the section in a mortgage that says if the borrower sells the property or places a second mortgage / mezzanine loan on the property that the bank can immediately demand to be paid in full.

Glossary of Terms related to credit, loans, home-ownership and the purchase process – Presidential Mortgage.

Lowest Home Loan Intrest Rates 10 Reasons You Should Never Pay Off Your Mortgage – My. – Reason #3: A mortgage is cheap money. [.] You’ll find that mortgages offer you perhaps the cheapest way to borrow. Mortgage loans offer low interest rates because you post the house as collateral: If you fail to repay the loan, the lender sells your house to recoup its money.

A jumbo loan is a mortgage with an amount that exceeds the limits set by Fannie Mae and Freddie Mac. A jumbo loan is a good option if you’re looking to buy an expensive, luxury home, can afford a large down payment, and have a great credit score.

The process for application is similar to other credit products and the terms of the loan are determined by a borrower’s credit score and credit profile. In some cases, co-borrowers may have a higher.

15-Year Fixed Mortgage – a fixed-rate home loan that has half the typical term of 30 years. 203k Loan – an FHA loan that allows you to finance home improvements and permanent financing in a single mortgage loan. 3/1 ARM – An ARM that is fixed for the first three years (36 months) of the loan term before becoming annually adjustable.