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Obtaining a mortgage loan means dealing with a lot of paperwork, from the documents you have to submit to documents you have to read and sign. ... Mortgage Jargon in Simple Terms. Sheree R. Curry ...
Here’s a loan estimate example broken down by page and section. You can view a similar, interactive visual on the Consumer Finance Protection Bureau’s website . Loan estimate example: Page 1
The full mortgage application takes place after you’ve had an offer on a home accepted. Your lender will investigate your financials and the property you’re purchasing to complete the application.
In the United States, full documentation loan refers to a loan where all income and assets are documented. [1] It is typically referred to as a "full doc" loan in the mortgage industry and is a common type of loan used for financing a home purchase.
A mortgage loan is a very common type of loan, used by many individuals to purchase residential or commercial property. The lender, usually a financial institution, is given security – a lien on the title to the property – until the mortgage is paid off in full.
Adverse credit mortgage – mortgages aimed at borrowers with credit problems, e.g. county court judgements. Self-certified mortgage – a mortgage where the lender does not seek proof of income to demonstrate affordability, but instead relies on a statement of earnings as "certified" by the borrower(s).
For example, “in a 5/1 ARM, the ‘5’ stands for an initial five-year period during which the interest rate remains fixed while the ‘1’ indicates that the interest rate is subject to ...
Sometimes, the terms “mortgage note” and “mortgage” are used interchangeably. But the note is different from the mortgage itself. The mortgage — known as a deed of trust in some states ...