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Mortgage: A loan that allows you to purchase a home in return for monthly payments over a set period of time that pays back the loan with interest.
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Loan Servicing: The maintenance required for any given loan. In the case of a mortgage loan with an escrow account, the servicing is needed to take the monthly mortgage payment and split the money between the principal, interest, and the escrow account. T
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Voluntary Claim: When the owner of a property contends that a legal claim for payment can be placed against the property.
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Late Charge or Late Fee: An extra amount of money you have to pay when you are late making your mortgage payment. This also may be called a penalty fee or penalty payment.
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Income: Any money that you receive in a given period of time. For the purposes of obtaining a mortgage, you should consider your steady monthly income when determining your affordable mortgage payment amounts. You may not want to include income such as ch
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GEM-Growing Equity Mortgage: A type of mortgage where the payments increase overtime, but the extra money is applied to the principal of the loan in order to pay off the loan faster.
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GPM-Graduated Payment Mortgage: A type of mortgage loan where payments start out low and increase with time. This type of loan is good for people who expect their income to increase over time.
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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
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Gift Funds: Free down payment assistance that is given to a buyer in order to help them purchase a home. VA Loans allow the use of gift funds to make the down payment on a home. There are third party organizations that offer this assistance, although they
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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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