Cap loans mortgage terminology definition
Cap: The limit for how much the interest rate can rise on an adjustable rate mortgage.
Read more to view related video clips
Categories: Mortgage Glossary Tags: loan, mortgage
Buy Down loans mortgage terminology definition
Buy Down: When someone makes a payment to a lender in order to obtain a lower interest rate.
Read more to view related video clips
Categories: Mortgage Glossary Tags: lender, loan, mortgage, payment
Bundle Of Rights loans mortgage terminology definition
Bundle Of Rights: Your rights as a property owner.
Read more to view related video clips
Categories: Mortgage Glossary Tags: loan, mortgage
Broker loans mortgage terminology definition
Broker: A person who is in the business of shopping for mortgage loans. A broker is the middle-man who takes the information from people looking to borrow money and shops around to different lenders in order to find a loan for their clients. Brokers get a
Read more to view related video clips
Categories: Mortgage Glossary Tags: borrow, lender, loan, mortgage
Bridge Loan loans mortgage terminology definition
Bridge Loan: If you find the home you want to purchase before you have sold your current home, you can take out this type of loan in which the equity in your current property is used as the downpayment on the new property you are purchasing. Once your cur
Read more to view related video clips
Categories: Mortgage Glossary Tags: equity, loan, mortgage, payment
Binder loans mortgage terminology definition
Binder: Once earnest money is put down toward the purchase of a home this agreement holds the home while the proper inspections and appraisals are conducted.
Read more to view related video clips
Categories: Mortgage Glossary Tags: loan, mortgage
Bankruptcy loans mortgage terminology definition
Bankruptcy: The act of claiming you do not have the means or any way to acquire the means to pay off your current debt. This is a legal court proceeding in which you turn in all of your asset and debt information to the court, and the court rules if it th
Read more to view related video clips
Categories: Mortgage Glossary Tags: loan, mortgage
Balloon Payment loans mortgage terminology definition
Balloon Payment: The balance of the entire loan amount that is due in one final large payment at the end of a balloon mortgage.
Read more to view related video clips
Categories: Mortgage Glossary Tags: loan, mortgage, payment
Balloon Mortgage loans mortgage terminology definition
Balloon Mortgage: When a buyer acquires this type of mortgage they are required to make payments for a certain amount of time. After this specified period of time, the buyers has to pay the mortgage loan in full. The time period is usually for 5 to 10 yea
Read more to view related video clips
Categories: Mortgage Glossary Tags: loan, mortgage, payment
Assumption loans mortgage terminology definition
Assumption: When the seller officially transfers the mortgage to the buyer of the property.
Read more to view related video clips
Categories: Mortgage Glossary Tags: loan, mortgage