Refinance Loans Insurrance Bargains
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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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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Credit Report: A person’s personal payment history of how they repaid borrowed money in the past.
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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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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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Origination Fee: The fee the lender charges the borrower for the services required to create a mortgage loan agreement. This usually includes underwriter costs, legal fees, and other fees associated with originating the mortgage loan.
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Notice of Default: If a borrower goes into default, the mortgage lender will send the borrower this notice informing them that the mortgage contract agreement has been broken. At this time, the borrower should contact the mortgage lender to work out a for
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Mortgagor: A term used in mortgage loan paperwork that refers to the borrower.
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Commitment Letter: The letter given from a lender to a potential borrower that specifies the terms being offered for a mortgage loan. Related Article: VA Certificate of Commitment
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Mortgage Insurance Premium: The amount of money you pay, either monthly included as part of your mortgage payment or annually out of an escrow account, that insures your mortgage from default. The FHA requires mortgage insurance for any borrower that is f
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