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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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Real Estate Agent: A licensed professional who can help with the procedures involved in the purchase or sale of real property. Real estate agents accept a percentage of the sale price of a home as their commission payment for their services.
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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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Property Taxes: The amount of money you pay to the local government depending on the assessed value of your home and the local cost of levies and tax rates. This payment may be part of your mortgage payments.
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Delinquency: The period of time, up to 30 days, between when your mortgage payment is due and when you pay it. If you are late with a mortgage payment, you are considered delinquent until the payment is officially thirty days late, at which time the loan
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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: 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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Principal: The amount of money that is loaned to a borrower. With most types of mortgages, the principal loan amount decreases every time a mortgage payment is made.
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Pre-qualification: A borrower can give all of their financial and credit information to a lender. This lender will use this information to inform the borrower about what type of loans they qualify for and how much of a monthly payment they can afford base
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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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