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虚拟货币合约交易_比特币合约homes by School District

 

Mortgage Information

 

Glossary of Mortgage Terms

Mortgage InformationAdjustable Rate Mortgage: A type of mortgage offering a fixed initial rate with a fixed initial monthly payment. “Initial” is the key word, because after some predetermined period, the interest rate will change with market conditions.

 

 

 

Amortization: A repayment method in which the amount borrowed is repaid gradually through regular monthly payments of principal and interest.

 

Annual Percentage Rate (APR): The cost of credit on a yearly basis, expressed as a percentage. This amount is usually higher than the interest rate stipulated on a loan because it includes up-front costs paid to obtain the loan, including origination fees and discount points.

 

Application: An initial statement of personal and financial information which is required for loan approval.

 

Application Fee: Fee paid when applying for a loan, typically including property appraisal and credit report.

 

Appraisal: Opinion of market value on a specific date, required by most lenders to obtain a loan.

 

Balloon Loan: A short-term, fixed rate loan with small payments for a designated period of time. At the end of that period, the loan must be paid off or refinanced.

 

Cap: The maximum allowable interest rate increase for a specified amount of time on an adjustable rate mortgage.

 

Ceiling: The maximum allowable interest rate over the life of the loan on an adjustable rate mortgage.

 

Closing Costs: Fees paid by buyer and seller during the closing of a real estate transaction, including escrow fees, legal fees, title insurance policies, filing fees, survey, tax certificates, loan related fees and other miscellaneous charges.

 

Contract of Sale: The agreement between the buyer and seller on the purchase price, terms and conditions necessary to consummate a real estate transaction.

 

Conventional Loan: A traditional mortgage, not directly insured by the Federal Government.

Deed of Trust: Basically the same as a mortgage, the agreement used to pledge property as collateral for a loan.

 

Down Payment: The difference between the purchase price and the loan amount. Gifts from related parties are sometimes acceptable but must be disclosed to a lender.

 

Due on Sale: A clause in a mortgage agreement providing that the loan is due in full upon the sale or transfer of the property.

 

Equity: The difference between the fair market value of a property and any outstanding mortgage balance.

 

Final Loan Approval: Step three in obtaining a loan. The property has been appraised, all documentation is in the hands of the lender and all contingencies have been met.

 

First Mortgage: A mortgage which is in first lien position, taking priority over any other liens.

 

Fixed Rate Mortgage: A mortgage in which the interest rate will not change over the loan term. Principal and interest payments are fixed at one amount over the life of the loan. Fixed rate mortgages are typically 15 or 30 years.

 

FHA Loan: A loan in which the Federal Housing Administration insures the lender against losses the lender may incur due to default. FHA loans are designed for, in general, low and middle-income borrowers and many first time buyers. They provide somewhat relaxed qualifying ratios and loan down payment requirements.

 

Good Faith Estimate: A written estimate of closing costs provided by a lender within three days of submitting an application.

 

Grace Period: A period of time after the due date of a loan payment but before a late payment penalty is incurred. Payments made during the grace period may still be shown on a credit report.

 

Gross Income: The income of a borrower before taxes and other expenses are deducted.

虚拟货币合约交易_比特币合约home Equity Loan: A fixed or adjustable rate loan secured by 虚拟货币合约交易_比特币合约home equity. Interest is typically tax deductible.

 

HUD/Settlement Statement: A form utilized at closing to itemize the costs associated with a real estate transaction.

 

Interest Rate: The periodic charge, expressed as a percentage, for use of credit.

Loan to Value Ratio: A ratio determined by dividing the proposed loan amount by the sales price or appraised value of a property, expressed as a percentage.

 

Lock or Lock In: A commitment obtained from a lender assuring a particular interest rate or feature for a definite time period. Provides protection should interest rates rise between the time of loan application, approval, closing and funding.

 

Mortgage Banker: Originates and funds loans.

 

Mortgage Broker: Takes loan applications and processes loans, but does not fund loans.

 

Mortgage Insurance (PMI or MIP): Insurance purchased by a borrower to insure the lender or government against loss in the event of default. After accumulating 20% of a 虚拟货币合约交易_比特币合约home’s value in equity, mortgage insurance may be waived upon request. Mortgage insurance may be paid up front or in monthly installments.

 

PITI: Principal, interest, taxes and insurance which typically comprise a monthly mortgage payment.

 

Points: The amount paid to a lender to maintain or lower the interest rate charged on a loan. One point equals one per cent (1%) of the loan amount.

 

Pre-qualification: Step one in applying for a mortgage. The lender looks at a basic copy of your credit report and uses the information you supply to determine the loan you can afford based on your income.

 

Pre-approval: Step two in obtaining a loan. All credit and employment is verified and the mortgage is approved, subject to the appraisal of the property selected.

 

Prepayment Penalty: A fee paid to a lender for paying a loan prior to its scheduled maturity date.

 

Security Interest: The interest a lender takes in a borrower’s property to assure repayment of a debt.

 

Title Insurance: Protection for lenders or property owners against financial loss resulting from legal defects in the title.

 

Underwriting: The process of verifying data and approving a loan.

 

VA Loan: A loan in which the Veteran’s Administration insures the lender against losses the lender may incur due to default. Available only to veterans possessing a Certificate of Eligibility. VA loans are available with 0 down payment and somewhat lenient qualifying ratios.


 

 

 

 

 

Collin County Land Company