Mortgage Loan Terms And Definitions

All lenders are required to use the same Loan Estimate form, making it easier for borrowers to compare mortgage loans. The Loan Estimate is not an approval or denial of a loan application, but shows a borrower the terms the lender expects to offer if the borrower decides to move forward with the loan.

Glossary of Mortgage Terms 1003 form commonly used mortgage loan application developed by Fannie Mae. Sometimes called the Uniform Residential Loan Application. Acceptance a verbal or written acceptance of an offer to buy a home, made from the seller to the buyer. Acre a land measurement commonly used in U.S. property negotiations.

Mortgage Terms And Definitions. Amortization: a payment plan that enables you to reduce your debt gradually through monthly payments. The payment includes principal and interest. Amount Financed: on the Truth in Lending form, the loan amount less "prepaid finance charges", which are lender fees paid at closing.

A balloon mortgage is a type of loan that requires a borrower to fulfill repayment in a lump sum. These types of mortgages are typically issued with a short-term.

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A balloon loan. terms ranging from five to seven years. However, the monthly payments through this short term are not set up to cover the entire loan repayment. Instead, the monthly payments are.

Canadian Mortgage Terms Defined: Quickly Learn the Top 8 Common Mortgage Terms The process by which a mortgage lender obtains a mortgage secured by real property. An origination fee is charged by the lender to process all the forms involved in obtaining a mortgage. Loan-to-value (LTV) ratio: The ratio of the mortgage loan amount to the property’s appraised value or selling price, whichever is less. For example, if a home is sold for $100,000 and the mortgage amount is $80,000, the house has an 80 percent LTV.

A mortgage broker is an intermediary who brings mortgage borrowers and mortgage lenders together, but does not use their own funds to originate mortgages. A mortgage broker helps a borrower connect.

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A wrap-around loan takes on the same characteristics as a seller-financed loan, but it factors a seller’s current mortgage into the financing terms. Seller financing is a type of financing that allows.

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