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With a co-borrower, both you and the co-borrower can have ownership of the property — in other words, both of your names are on the property title — and are responsible for repaying the mortgage.
If little or no credit exists for the applicants, the FHA will allow a qualified non-occupant co-borrower to co-sign for the loan without requiring that person to reside in the home with the first time homebuyer. The co-signer does not have to be a blood relative. This is called a Non-Occupying Co-Borrower. [25]
The co-signer’s income is also not typically considered on top of the primary borrower’s income. On the other hand, joint borrowing assures the lender that multiple sources of income are going ...
19 Confusing Mortgage Terms Deciphered More on AOL Real Estate: Find out how to calculate mortgage payments. Find homes for sale in your area. Find foreclosures in your area. See celebrity real ...
Take application: this step is initiated by a borrower and results in an application to borrow money to purchase a real estate property that includes details of the mortgage product, property specifications, borrower information and supporting documentation. The application is filled out by the borrower, either through self-services or with the ...
A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original mortgage lender. [ 1 ]
A co-signer takes on all the rights and responsibilities of a loan along with the borrower. This means that if the borrower can’t make a payment on the loan, the co-signer is responsible.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.