Property Taxes loans mortgage terminology definition
Property Taxes: The amount of money you pay to the local government depending on the assessed value of your home and the local cost of levies and tax rates. This payment may be part of your mortgage payments.
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HUD-Department of Housing and Urban Development loans mortgage terminology definition
HUD-Department of Housing and Urban Development: A department within the federal government that aids people with the purchase of property through guaranteed loans, energy efficient home improvement loans, general home improvement loans, refinancing optio
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Categories: Mortgage Glossary Tags: loan, mortgage, refinancing
Promissory Note loans mortgage terminology definition
Promissory Note: The legal document a borrower and his or her spouse must sign indicating they agree to pay the mortgage loan back to the lender.
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Categories: Mortgage Glossary Tags: borrow, lender, loan, mortgage
Delinquency loans mortgage terminology definition
Delinquency: The period of time, up to 30 days, between when your mortgage payment is due and when you pay it. If you are late with a mortgage payment, you are considered delinquent until the payment is officially thirty days late, at which time the loan
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Categories: Mortgage Glossary Tags: loan, mortgage, payment
PMI- Private Mortgage Insurance loans mortgage terminology definition
PMI- Private Mortgage Insurance: If borrower puts down less than 20% of a down payment when purchasing a home, the lender usually requires mortgage insurance until the amount of equity is built up to or surpasses 20%. Related Article: A Lesson for Vets: U
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Default loans mortgage terminology definition
Default: When you do not make a mortgage payment on time, you are in default of your loan terms and agreement. At this time, the lender can choose to make a payment plan available to you for repayment of the amount owed from your missed payment, or the le
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Categories: Mortgage Glossary Tags: lender, loan, mortgage, payment
Principal loans mortgage terminology definition
Principal: The amount of money that is loaned to a borrower. With most types of mortgages, the principal loan amount decreases every time a mortgage payment is made.
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Categories: Mortgage Glossary Tags: borrow, loan, mortgage, payment
Deed of Trust loans mortgage terminology definition
Deed of Trust: When the deed is overseen by a trustee who works as a liaison between the borrower and lender in some states.
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Categories: Mortgage Glossary Tags: borrow, lender, loan, mortgage
Pre-qualification loans mortgage terminology definition
Pre-qualification: A borrower can give all of their financial and credit information to a lender. This lender will use this information to inform the borrower about what type of loans they qualify for and how much of a monthly payment they can afford base
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Deed loans mortgage terminology definition
Deed: Also called a Title, this document shows legal proof of ownership for a property.
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Categories: Mortgage Glossary Tags: loan, mortgage