Refinance Loans Insurrance Bargains
Lock-In: An agreement with a mortgage lender that a specific interest rate will be guaranteed, or locked in, as long as the borrower closes within a certain period of time.
Read more to view related video clips
Continue reading “Lock-In loans mortgage terminology definition”
Loan Approval: When the lender agrees to loan money to a borrower based on information such as income, debt, assets, employment, and credit worthiness.
Read more to view related video clips
Continue reading “Loan Approval loans mortgage terminology definition”
Veterans Administration: The government agency that offers benefits to Military Veterans and in the case of home loans, offers a guarantee that a portion of the loan will be repaid if the borrower defaults.
Read more to view related video clips
Continue reading “Veterans Administration loans mortgage terminology definition”
Verification of Employment: This is when a mortgage lender contacts the potential borrower’s place of employment in order to verify the information on the loan application.
Read more to view related video clips
Continue reading “Verification of Employment loans mortgage terminology definition”
Verification of Deposit: This is a financial document that the borrower gives to the lender which verifies the amount of money the borrower has in reserve in the bank. Sometimes lenders want to see a certain amount of money in reserves in order to approve
Read more to view related video clips
Continue reading “Verification of Deposit loans mortgage terminology definition”
VA Home Loan Program: This program is a benefit to Veterans that allows them to take a home loan mortgage with a guarantee from the VA. The VA guarantees that a certain percentage of the loan will be paid back to the lender even in the case of borrower de
Read more to view related video clips
Continue reading “VA Home Loan Program loans mortgage terminology definition”
Interest Only Loan: A mortgage loan that allows the borrower to pay only the interest on the mortgage for a set amount of time before they start paying towards the principal. People use this type of mortgage when they expect an increase in income in the f
Read more to view related video clips
Continue reading “Interest Only Loan loans mortgage terminology definition”
Underwriter: A person employed by a lending company who evaluates a borrower’s loan application and all of the paperwork involved to determine if the borrower can receive the loan or not.
Read more to view related video clips
Continue reading “Underwriter loans mortgage terminology definition”
Truth in Lending Act: A government act that insures all lenders fully disclose the costs associated with the money being borrowed.
Read more to view related video clips
Continue reading “Truth in Lending Act loans mortgage terminology definition”
Gift Letter: If you are given money for a down payment from a friend, relative, or employer, you must have a letter stating that the person giving you the money does not expect to be paid back. If you borrow money that you are expected to repay, the mortg
Read more to view related video clips
Continue reading “Gift Letter loans mortgage terminology definition”