Pre-purchase Counseling loans mortgage terminology definition
Pre-purchase Counseling: First-time buyers should get counseling on the process of purchasing a home and obtaining a mortgage prior to beginning the process. This is done in an attempt to give the borrower the knowledge to make informed decisions througho
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Categories: Mortgage Glossary Tags: borrow, loan, mortgage
Debt to Income Ratio loans mortgage terminology definition
Debt to Income Ratio: The monthly or annual amount of income compared to your monthly or annual debt owed.
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Categories: Mortgage Glossary Tags: loan, mortgage
Prepayment Penalty loans mortgage terminology definition
Prepayment Penalty: The fee paid to a lender if you pay off your mortgage loan before a certain amount of time has gone by. This penalty may or may not be written into a mortgage loan agreement. It is designed to deter the borrower from refinancing the lo
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Categories: Mortgage Glossary Tags: borrow, lender, loan, mortgage, payment, refinancing
Credit Score loans mortgage terminology definition
Credit Score: The number that can fluctuate depending on your payment history. If you pay your creditors on time your score will rise. If you pay late or are delinquent, your score may fall. Related Article: Learn More About Repairing Credit Before Obtain
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Categories: Mortgage Glossary Tags: loan, mortgage, payment
Credit Report loans mortgage terminology definition
Credit Report: A person’s personal payment history of how they repaid borrowed money in the past.
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Categories: Mortgage Glossary Tags: borrow, loan, mortgage, payment
Power of Attorney loans mortgage terminology definition
Power of Attorney: A legal document that gives one person the full legal right and authority to act for another person.
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Categories: Mortgage Glossary Tags: loan, mortgage
Points loans mortgage terminology definition
Points: Usually one point is 1% of the mortgage loan amount that is paid as an up front finance charge. Points are paid in order to negotiate lower interest rates on a loan. Sometimes, if you pay more points at the beginning of your mortgage when you orig
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Categories: Mortgage Glossary Tags: loan, mortgage, rates
Credit Bureau loans mortgage terminology definition
Credit Bureau: An agency that keeps track of an individual’s credit history and updates their payment history when borrowing money. The three largest credit bureaus are Equifax, TransUnion, and Experian.
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Categories: Mortgage Glossary Tags: borrow, loan, mortgage, payment
PUD- Planned Unit Development loans mortgage terminology definition
PUD- Planned Unit Development: An association in a neighborhood of homes that shares some common property in exchange for monthly or annual fees for the association to maintain the common property. An example of a PUD is a condominium development where ea
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Categories: Mortgage Glossary Tags: loan, mortgage
Covenant loans mortgage terminology definition
Covenant: Restrictions that are placed on the borrower about what can be done with the property the borrower purchases. Mortgage lenders may do this in order to sustain the value of the home.
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Categories: Mortgage Glossary Tags: borrow, lender, loan, mortgage
