Search results
Results from the WOW.Com Content Network
In a direct auto loan, a bank lends the money directly to a consumer. In an indirect auto loan, a car dealership (or a connected company) acts as an intermediary between the bank or financial institution and the consumer. Other forms of secured loans include loans against securities – such as shares, mutual funds, bonds, etc.
Mortgage application fees, paid by the buyer to the lender, to cover the costs of processing their loan application. In some cases, the buyer would pay the lender the application directly and prior to closing, while in other cases the fee is part of the buyer's closing costs payable at closing.
Closing costs are the loan fees and other costs you incur when you purchase or refinance a home. There's no escaping them, but depending on the type of loan you use, you might be able to roll ...
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults , the creditor takes possession of the asset used as collateral and may ...
A closing disclosure is a legally-required, five-page statement of your final mortgage loan terms and closing costs. It contains details about your loan term, monthly payments, fees and other ...
While the average home equity loan closing costs can be comparable to primary mortgages — a range of 2–5 percent of the total loan — they’re often much less, amounting to around 1 percent.
The loan-to-value ratio is the ratio of the total amount of the loan to the total value of the collateral securing the loan. For example, in mortgage lending in the United States, the loan-to-value concept is most commonly expressed as a "down payment." A 20% down payment is equivalent to an 80% loan to value.
Avoid closing costs for two loans. Cons of an open-end mortgage. Difficult to find a lender that offers open-end loans, and some states don’t allow them. Can’t draw more than the maximum.