Buy Down: When someone makes a payment to a lender in order to obtain a lower interest rate.
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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
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Amortization Schedule loans mortgage terminology definition
Amortization Schedule: The statement from your mortgage lender that shows you exactly what your monthly mortgage payment is, how much is going toward your principal loan amount, how much is going toward interest, how much is going into your escrow account
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ACE-Automated Certificate of Eligibility loans mortgage terminology definition
ACE-Automated Certificate of Eligibility: This system is used by VA-approved lenders in order to help Veterans get the Certificate of Eligibility they need to take part in the VA Home Loan Guarantee Program.
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Acceleration Clause loans mortgage terminology definition
Acceleration Clause: This is written into mortgage contracts in case you miss a payment and go into default with your loan. If this happens, the lender can demand full payment of the balance due on your mortgage.
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Introduction to Loans – video clips tips
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Introduction to Home Mortgage – video clips tips
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Introduction to Refinancing Home – video clips tips
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Introduction to Refinance – video clips tips
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