Refinance Loans Insurrance Bargains
Interest Rate Cap or Interest Rate Ceiling: The highest amount of interest that can be charged according to a legal agreement. With adjustable rate mortgages, there is an interest rate cap that allows the mortgage lender to raise the interest rate to a ce
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Interest: The money paid to a lender for the use of their money. In the case of a mortgage, the interest is a percentage rate over a certain period of time paid to the mortgage company.
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Truth in Lending Act: A government act that insures all lenders fully disclose the costs associated with the money being borrowed.
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Homeowner’s Insurance: Insurance that covers damage to your property or home. This type of insurance also covers your personal belongings and contents of your home. Homeowner’s Insurance is required by your mortgage lender.
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Title Insurance: A protection you pay for when you purchase a home. It protects the buyer and the lender if there is a dispute over the ownership rights to a property.
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Hazard Insurance: Insurance that pays to repair a property in the case of damage from fire, ice, floods, storms, acts of vandalism, and more. This type of insurance is usually required by your mortgage lender and can be included in your homeowner’s insura
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Foreclosure: When a borrower fails to meet the obligations agreed upon in the mortgage loan agreement and the lender repossesses the property in order to get the money they loaned to the borrower back.
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Fair Housing Act: An act created by the federal government that makes it illegal for lenders, sellers, agents, brokers, and anyone involved in the sale or purchase of a home to discriminate against a buyer for any reason.
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Residual Income: What is left of your earnings after you have paid you fixed expenses, variable expenses, and a future mortgage payment. Lenders look at this in order to determine how much of a monthly mortgage payment you can afford.
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ECOA-Equal Credit Opportunity Act: An act created by the federal government that forbids lenders to discriminate on any basis.
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