Tag: lender

Rent and Mortgage Payment History loans mortgage terminology definition

Rent and Mortgage Payment History: A lender will look into the history of other dwellings you have inhabited in order to see if you make your payments on time and are credible in the area of housing payments. Lenders will contact past landlords or look at

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Qualifying Ratios loans mortgage terminology definition

Qualifying Ratios: Lenders look at asset-to-debt and other ratios in order to determine exactly how much the borrower can financially afford as a maximum mortgage amount. The more you owe in debt, the less you will be able to borrow. This is because the l

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Down Payment loans mortgage terminology definition

Down Payment: The amount of money you put down on the purchase of a home. The amount of a down payment is usually a certain percentage of the price of a home which varies from lender to lender, but is anywhere from 3-10%. Some lenders accept gift funds fo

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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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